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MO HB1162

Bill

Official Source

Status

Introduced

3/10/2015

Primary Sponsor

Don Gosen

Click for details

Origin

House of Representatives

2015 Regular Session

AI Summary

  • Amends Section 375.330, RSMo, governing real estate ownership by Missouri-formed insurance companies
  • Requires director approval before purchasing real estate for business accommodation, with value capped at 20% of capital and surplus
  • Limits real estate investment for income production to 10% of admitted assets total, and 1% of admitted assets or 10% of capital/surplus (whichever is greater) for any single property
  • Requires real estate acquired through debt payment or foreclosure to be sold within 10 years unless held as an income-producing investment
  • Exempts insurers organized under Chapter 376 (life insurance companies) from these real estate restrictions

Legislative Description

Changes the laws regarding insurance

Last Action

Referred: Select Committee on Insurance(H)

4/8/2015

Committee Referrals

Select Committee on Insurance4/8/2015
Property, Casualty, and Life Insurance3/11/2015

Full Bill Text

No bill text available