MO HB148

Shareholders of S corporations with 40% or greater ownership interest may individually elect to opt out of workers' compensation coverage beginning January 1, 2016

Rejection requires written notice to both the S corporation and its insurer; failure to notify the S corporation does not invalidate the rejection

Shareholders who reject coverage are not entitled to workers' compensation benefits even if working as employees of the S corporation

Shareholders may rescind their rejection by providing written notice to the S corporation and insurer, with coverage restored prospectively from the date the insurer receives the rescission notice

Extends to S corporation shareholders the same opt-out rights that LLC members have had since January 1, 1997