MO HB1022

Insurers may return or refund a portion of expense savings to policyholders who make no reportable claims under specified coverages within a time period set by the insurer

The refund applies regardless of whether the lack of claims is due to the fault of the insured

The return of savings may be structured as a predetermined portion of the premium paid

Such premium returns are explicitly exempt from being classified as rebates or unfair trade practices under Missouri law (sections 375.930 to 375.948)

Amends section 379.470, RSMo, adding this as a new provision (subdivision 8) to existing insurance rate-setting requirements