SB 115 Summary

• Director of the Department of Insurance, Financial Institutions and Professional Registration must dissolve the Missouri Employers Mutual Insurance Company by January 1, 2015, including orderly sale of assets and assumption of liabilities by a qualified purchaser.

• Director must obtain three conditions before transfer: opinion from nationally recognized investment banking firm that consideration is fair, opinion from nationally recognized actuarial firm that assets are adequate for payment of liabilities, and determination that consideration represents highest cash offer by qualified bidder with adequate capitalization.

• Purchaser must be a Missouri corporation authorized to transact workers compensation insurance, assume all debts and liabilities of the company, and comply with all Missouri insurance statutes and regulations as a domestic insurer.

• All proceeds from the asset sale become property of the state and must be transmitted to the state treasurer and credited to the general revenue fund.

• Director must issue a report to the general assembly at least 30 days before transfer is completed, providing names and addresses of all bidders, bid amounts, terms, conditions, and copies of required financial and actuarial opinions.