Loading chat...
MO SB470
Bill
Status
2/19/2015
Primary Sponsor
Mike Parson
Click for details
AI Summary
-
Insurers may return or refund a portion of expense savings to policyholders who make no reportable claims under specified coverages within a time period set by the insurer
-
The refund applies regardless of whether the lack of claims was due to the insured's fault or circumstances beyond their control
-
Insurers may represent this return of savings as a predetermined portion of the premium paid
-
Such premium refunds shall not be considered illegal rebates or unfair trade practices under Missouri insurance law (sections 375.930 to 375.948)
-
Amends section 379.470, RSMo, which governs insurance rate-making standards in Missouri
Legislative Description
Allows a refund of a portion of expense savings to an insured under certain circumstances
Last Action
Voted Do Pass S Small Business, Insurance and Industry Committee
3/31/2015