Summary of the Truly Agreed Version of the Bill


This bill revises various provisions of the law governing
insurance.  The bill:

(1)  Removes the distinction between agents and brokers for
purposes of licensing, referring to each as "insurance
producers," and revises most of the provisions pertaining to
licensure including the courses of study initially required for
licensure, continuing education, temporary licensure, the
termination and renewal of agency contracts, examination
requirements, broker compensation restrictions, suspension and
revocation of licenses, penalties for violations, closed and
confidential records, and fees for licensure.  This portion of
the bill is effective on January 1, 2003;

(2)  Allows insurers to carry over the examination fee deduction
to up to 5 future tax years until the full deduction is claimed;

(3)  Increases the bonding amount required for insurance brokers
selling surplus lines insurance to the lesser of $100,000 or an
amount equal to the broker's tax liability for the previous tax
year.  Currently, a bond of $10,000 is required;

(4)  Grants nonresident licensees of surplus lines insurance the
same authority as resident licensees.  Currently, the licensing
of nonresidents is within the discretion of the Department of
Insurance; and

(5)  Requires the expungement, after 5 years, of insurance agent
disciplinary records for disciplinary actions that resulted in a
voluntary forfeiture of $200 or less.

Copyright (c) Missouri House of Representatives

Missouri House of Representatives
Last Updated November 26, 2001 at 11:47 am