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MO SB402
Bill
AI Summary
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Establishes stricter standards for market conduct examinations by requiring director warrants supported by specific factual findings, with insurers able to request hearings to challenge warrant issuance within 15 days
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Reduces policy form approval timelines from 60 days to 45 days for private passenger auto, homeowner's, and group health insurance policies, with automatic approval if director fails to act within the timeframe
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Adds new enterprise risk reporting requirements for insurers with $500+ million in premiums, requiring annual reports identifying material risks within holding company systems filed with lead state insurance commissioner
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Expands insurance holding company system regulation to include supervisory college participation for international operations and strengthens confidentiality protections for examination documents and information shared between regulators
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Modifies acquisition approval standards to include pre-acquisition notifications, divestiture notice requirements, and consolidates competitive analysis thresholds for merger and acquisition review
Legislative Description
Modifies provisions relating to insurer market conduct examinations, revises the process for approving certain policy forms, and incorporates several of the NAIC revisions to the Model Insurance Holding Company System Regulatory Act and Regulation
Last Action
Second Read and Referred S Small Business, Insurance and Industry Committee
3/13/2013