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MO SB279
Bill
AI Summary
- Beginning January 1, 2016, all licensed insurance companies in Missouri must report cancelled motor vehicle insurance policies to the designated agent within one week of cancellation
- Cancellation reports must include the insured's name, date of birth, driver's license number, address, vehicle make/year/VIN, policy number, and cancellation date
- Existing monthly reporting requirements for policies in effect remain unchanged (due by the seventh working day of each month)
- Insurers who fail to comply may be fined up to $1,000 per day of noncompliance by the Department of Insurance, Financial Institutions and Professional Registration
- Fines may be excused if the insurer proves noncompliance was inadvertent, accidental, or resulted from excusable neglect
Legislative Description
Requires all licensed insurance companies to report cancellation of motor vehicle insurance policies
Last Action
Second Read and Referred S Small Business, Insurance and Industry Committee
2/11/2015
Committee Referrals
Small Business, Insurance And Industry2/11/2015
Full Bill Text
No bill text available