| Review Requirements | Reference | Comments | Location in Contract (page and section #) If Applicable |
|---|---|---|---|
| Filing Fees | 374.230(6) RSMo | $50/company/line of insurance | |
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20 CSR 500-8.100 | Describes the procedures for rates/rules/forms filings | |
| Transmittal Document | Bulletin 95-2 and Addendum to Bulletin 95-02 | Describes the filing process and give instructions on how to complete the TD-2 form that is listed as an attachment, Exhibit B |
| Review Requirements | Reference | Comments | Location in Contract (page and section #) If Applicable |
|---|---|---|---|
| Acknowledging claims | 20 CSR 100-1.020 & 20 CSR 100-1.050 | Sets forth time frames for contacting claimants and also cannot deny coverage if a claim is not reported within a specific time period. | |
| 10 years statute of limitations | 516.110 RSMo | Allows individuals 10 years to file suit. | |
| 90 days notice – company dropping entire line insurance | 379.886 RSMo | Requires companies to give 90 days notice to MDI of canceling or nonrenewing a line of business. | |
| Appraisal | 20 CSR 500-1.100 | When the insured and company fail to agree on the ACV or the amount of a loss, then, on written demand of either, each shall select a competent appraiser. | |
| Arbitration held in county of insureds residence | 435.435 RSMo | Arbitration shall be held in the county where the adverse party resides or has a place of business. | |
| Cancellation/nonrenewal | 379.883 RSMo | Requires companies to give 60 days notice and to state the actual reason. | |
| Claims handling | 375.1000-375.1007 RSMo | Sets forth standards for the investigation and disposition of claims. | |
| Claims Made | 20 CSR 500-1.800 | Requires a retroactive date for claims made policies | |
| Defense within limits | Bulletin 98-04 Under Review | Defense costs cannot reduce the limit of liability | |
| Forms filed with 10 days | 379.321 RSMo & 20 CSR 500-4.100 | Requires filing to be made 10 days after the effective date. | |
| Mandatory Endorsements(name, address, phone) | Bulletin 92-04 375.924 RSMo | Company must provide their name, address and telephone number for easy access by the insured. | |
| Missouri Property & Casualty Guaranty Association | 375.772 RSMo Bulletin 92-08 | Requires an endorsement to be attached to policies showing the limitations of coverage provided by the guaranty association. | |
| Prior cancel/nonrenewal | 375.936 RSMo | Company cannot ask if the insured has been cancelled or nonrenewed. | |
| Punitive damages | Case Law | Punitive damages are not allowed in the state of Missouri. |
| Review Requirements | Reference | Comments | Location in Contract (page and section #) If Applicable |
|---|---|---|---|
| Rate, rate plan & rate system | 379.888 RSMo & 379.890 RSMo | Companies cannot "A" rate a policy if rates have been established. Supporting actuarial data required to be filed. | |
| Consent to rate – "A" rate | 20 CSR 500-4.300 | Form to be submitted when rates are different than what has been filed with MDI. | |
| Fees/installment fees | 20 CSR 500-4.400 | Repealed. | |
| Fees/installment fees – New Law | 379.356 RSMo | Incidental fee is allowed and defined in this statute. | |
| Rate filings | 20 CSR 500-4.100 | Specifies how rate filings are to be made to MDI | |
| Rates shall not be excessive, etc. | 379.470 RSMo | Rates shall not be excessive or inadequate, nor shall they be unfairly discriminatory. |