MO SB206

Requires Missouri-domiciled insurers to maintain a risk management framework and conduct an Own Risk and Solvency Assessment (ORSA) at least annually, assessing material risks and capital sufficiency related to their business plans

Exempts insurers with less than $500 million in annual direct written premium, and insurance groups with less than $1 billion in annual premium, from filing requirements

Mandates ORSA summary reports be filed with the Director of Insurance upon request (no more than once yearly), signed by the chief risk officer or equivalent executive attesting the report was provided to the board of directors

Designates all ORSA documents as confidential trade secrets exempt from public disclosure, subpoena, and discovery in private civil actions, while allowing sharing with other regulators and the NAIC under written confidentiality agreements

Establishes a level two violation penalty for each day an insurer fails to timely file required reports, with an effective date of January 1, 2016 for initial filings