A new Missouri law that went into effect on Aug. 28 revises provisions for producer license renewals and provides opportunities toward continuing education credits for insurance professionals. It also enacts several regulatory changes affecting reinsurance, refusals to write auto insurance, and group personal lines property/casualty insurance policies, among other things.
Senate Bill 6 includes a provision to change producer license renewal timeframes, according to the Missouri Department of Commerce & Insurance. In the past, Missouri insurance producers renewed their license every two years on the anniversary date of issuance. This new provision changes the expiration to the birth date of the licensee.
“Not only is this a common sense approach to license renewals, but this change is a National Association of Insurance Commissioners (NAIC) Uniformity Standard. It is intended to help insurance producers, licensed in Missouri, remember to renew their license with the department and we hope this will help producers avoid late fees,” Chlora Lindley-Myers, director of the Missouri DCI, said in a media release.
Another provision signed into law of interest to insurance producers relates to continuing education alternatives. Missouri law requires a minimum of 16 hours of continuing education to be undertaken every two years for insurance producers. A provision under the new law, found in Senate Bill 6, House Bill 273 and House Bill 604, allows insurance producer’s membership in a local, regional, state, or national insurance association to be approved for up to four hours of continuing education hours.
SB 6 also contains provisions related to credit for reinsurance as an asset or reduction from liability of an insurer, explanations of refusal to write automobile insurance, and the writing of policies for group personal lines property/casualty insurance.
Information on how the department is implementing these changes may be found at www.insurance.mo.gov/SB6.
Source: Missouri DCI
Topics Carriers Legislation Missouri
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