HB 1253 -- Insurance

Sponsor:  Luetkemeyer

This bill makes changes to the insurance laws regarding the
powers and duties of liquidators, mutual credits, debt set-offs,
and credits for reinsurance.  The bill clarifies that an order to
liquidate an insurer does not affect the validity of any
arbitration clauses in the insurer's existing contracts.  The
bill repeals provisions that limit the extent to which an insurer
may set off debts in cases of an insurer's liquidation,
insolvency, or rehabilitation.  The bill also repeals provisions
clarifying that the statute supersedes the insurer's contractual
terms in determining the setoff rights of any person under
contract with the insurer.

The bill contains penalty provisions.

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:15 am