HB 459 -- INSURANCE LIQUIDATION CO-SPONSORS: Liese, Luetkemeyer COMMITTEE ACTION: Voted "do pass by consent" by the Committee on Insurance by a vote of 14 to 0. This bill extends to December 31, 2005, the sunset clause on a provision regarding the liquidation of insurance companies. That law expired on December 31, 2000. The provision allows an estimation of contingent liabilities to be used to fix creditors' claims during the liquidation process. The bill also requires a reinsurer's payments to be made directly to the liquidator, except where the contract specifically provides for another payee or where another insurer assumes the ceding insurer's policy obligations. FISCAL NOTE: No impact on state funds. PROPONENTS: Supporters say that this clean-up language is patterned after a uniform law developed by the National Association of Insurance Commissioners. Testifying for the bill were Representative Liese; and Reinsurance Association of America. OPPONENTS: There was no opposition voiced to the committee. Richard Smreker, Senior Legislative AnalystCopyright (c) Missouri House of Representatives