2003 Insurance Bills Passed Into Law
HB 254: This bill repealed the Missouri Digital Signatures Act (Sections 28.600 - 28.678, RSMo) and enacted the provisions of the Uniform Electronic Transactions Act, making electronic transactions as enforceable as traditional paper transactions if the parties agree to transact electronically. The act does not apply to the creation and execution of wills, codicils, and testamentary trusts or to transactions subject to the Uniform Commercial Code, except for sales (Article 2) and leases (Article 2A).
HB 314: This bill prohibits public entities and persons acting on behalf of public entities from requiring bidders and contractors on public works construction projects to obtain surety bonds from specific insurance or surety companies.
SCS HCS HB 380: This bill substantially revised and modernized the securities regulation laws, incorporating many provisions of the Uniform Securities Act. In its main provisions, the bill:
- Authorizes the Secretary of State to seek court orders requiring violators to disgorge illicit profits, pay restitution, and pay into the Investor Education and Protection Fund, which the bill establishes;
- Increases criminal fines to $1 million;
- Requires banks with on-premise brokerage firms to comply with federal rules;
- Modernizes, simplifies, and broadens exemptions from securities registration with the state;
- Promotes consistency with other states and the Securities and Exchange Commission in the definition of "security";
- Authorizes civil prosecution of individuals who materially aid in violations; and
- Adds civil penalties of $10,000 for one violation and up to $1 million for more than one violation.
CCS SS SS SCS HCS HB 600: This bill enacted various changes relating to taxation. Included is a provision that requires a tax clearance from the Department of Revenue prior to the issuance or renewal of any professional license granted by the state.
SB 207: This act modified the law regarding damage claims by rental companies. Under this act, all damage claims made by a rental company must be reasonably and rationally related to the actual loss incurred. Rental companies shall not assert a claim for damages which exceeds: (1) the actual cash value of the vehicle less any proceeds from the disposal of the vehicle, or (2) the actual cost to repair the vehicle including all discounts or price reductions, whichever is less.
The renter shall be presumed to have no liability for loss due to theft if an authorized driver has possession of the key or establishes the key was not in the ignition and the authorized driver promptly files a police report on the theft.
HCS SCS SB 385: Modified how taxes are calculated for workers' compensation policies with deductible options. This act establishes that when calculating administrative surcharges, the amount shall be based upon the total premiums that would have been paid for the deductible portion. The portion of the workers' compensation policy with a deductible option that is subject to an administrative surcharge shall not be subject to premium taxes, nor with respect to foreign insurance companies, or the retaliatory tax imposed pursuant to Section 375.916, RSMo.
In order to fund the Workers Compensation Division, the Division Director may impose a surcharge on every workers' compensation deductible plan policyholder insured pursuant to Chapter 287, RSMo. Sections 287.716, and 287.717, RSMo, set out procedures regarding the calculation and application of the surcharge.