MO HB53

Creates and establishes the Missouri Property and Casualty Insurance Guaranty Association as a nonprofit unincorporated legal entity with membership required for all insurers transacting insurance in Missouri.

Increases the maximum annual assessment on member insurers from one percent to two percent of net direct written premiums for each account to cover guaranty association obligations and claims.

Expands coverage for workers' compensation claims to receive full payment amounts (removed from the three hundred thousand dollar per-claim limit that applies to other covered claims).

Modifies the board of directors structure from seven members to between seven and nine members, with vacancies filled by majority vote of remaining board members rather than by director appointment.

Increases life and health insurance guaranty association coverage limits for policies issued on or after August 28, 2013, including raising annuity benefits to $250,000 and adding higher limits for specific health insurance types such as $500,000 for major medical insurance and $300,000 for long-term care insurance.