Bill > SB101

This bill enacts provisions relating to property and casualty insurance. The key provisions are: 1. It allows the Missouri Employers Mutual Insurance Company, which was previously an independent public corporation, to convert to a private mutual insurance corporation under Chapter 379 starting January 1, 2025. 2. It establishes regulations for lender-placed insurance, including requirements for determining replacement cost value, prohibitions on certain business practices, and rate and form filing requirements. The Director of the Department of Commerce and Insurance is granted authority to enforce these provisions. 3. It makes changes to the reporting and regulatory requirements for property and casualty insurers' Risk-Based Capital (RBC) reports filed with the state. The changes provide thresholds and actions the Director must take based on the RBC results. The overall purpose of this bill is to restructure the state's approach to the Missouri Employers Mutual Insurance Company and implement new regulations for lender-placed insurance.