2004 Insurance Bills Passed Into Law
SB 1299: This omnibus insurance bill was the Missouri Association of Insurance Agents' and the Missouri Insurance Coalition's (insurance companies) major legislation in 2004. Passage of this bill was a major win for MAIA because it ...
Increases the amount the Missouri P&C Guaranty Association will pay for return premiums to $25,000 (was $10,000) and now allows payments for "pain and suffering" up to the limits of the policy. Pain and suffering was previously excluded.
Increases the available limits for a home in the FAIR Plan to $200,000 (was $100,000).
Establishes the minimum term of an automobile policy at six months.
No longer requires surplus lines licensees to post a bond.
HB 1291 and SB 1086: Under these bills, lenders of residential mortgages are prohibited from requiring borrowers to purchase homeowners' insurance coverage in an amount exceeding the replacement value of improvements and contents. The law took effect Aug. 24, 2004. MAIA favored the bill.