MO SB794

Allows banks and trust companies created in Missouri or any other state or national bank with authorized trust authority to transfer irrevocable life insurance trusts to any other bank or trust company with authorized trust authority, with the transferring institution released from those obligations effective on the transfer date.

Requires each insurance producer licensed in Missouri to complete a minimum of 16 hours of continuing education every two years, including instruction on Missouri law, products, producer duties, and business ethics, beginning January 1, 2008.

Establishes approved continuing education courses including American College courses, insurance certifications, university courses, and programs by authorized insurers and industry associations, with a $50 filing fee per course.

Exempts life insurance producers limited by written agreement to policies with initial face amounts of $15,000 or less (or annuities of $15,000 or less) designated for funeral or burial expenses from the continuing education requirement.

Increases from 5 percent to 10 percent the investment limit that domestic insurers may invest in subsidiaries without director approval, while maintaining the 50 percent surplus limit for such investments.