MO HB366

Adds health insurers to the category of insurers (alongside life, title, and property/casualty companies) that use the "greater of" test for determining extraordinary dividends—either 10% of surplus or net income for the preceding 12 months ending December 31

Previously, health insurers fell under the "all other insurers" category, which used a more restrictive "lesser of" test (10% of surplus or net investment income)

Insurers must provide 30 days notice to the director before paying extraordinary dividends, and the director may approve or disapprove within that period

Extraordinary dividends may only be paid if the company's surplus remains reasonable relative to outstanding liabilities and adequate for financial needs after the transaction

Amends Section 382.210, RSMo, introduced by Representative Gosen during the 98th General Assembly First Regular Session