Bill > HB604

This bill makes several changes to the regulation of insurance in Missouri: It increases the tax deduction for long-term care insurance premiums to 100% for individual Missouri taxpayers starting in 2021. It also allows credit for reinsurance to be granted under new provisions, including allowing credit when the reinsurer meets certain financial strength and other requirements, even if the reinsurer is not licensed or accredited in Missouri. The bill also establishes new requirements for group personal lines property and casualty insurance policies, including provisions around policy terms, rating, and notices to insureds. Additionally, the bill creates a process for settling minor's claims up to $35,000 without court approval. Finally, the bill makes changes to the standard fire insurance policy and related provisions.