HB2145--LIFEINSURANCE
SPONSOR: Murphy
COMMITTEEACTION:Voted"DoPass"bytheStandingCommitteeon
Insurancebyavoteof12to0.
Currently,theStandardValuationLawisestablishedthatrequires
Missouriinsurersprovidinglife,accidentandhealth,annuityand
pureendowment,orspecifieddepositpoliciestomeetminimum
standardsofvaluationfortheirfinancialreservesbasedonthe
valuationmanualadoptedbytheNationalAssociationofInsurance
Commissioners.
However,acompanythatislicensedanddoingbusinessinMissouri,
thathaslessthan$300millionofordinarylifepremium,may
insteadholdreservesbasedonthemortalitytablesandinterest
ratesdefinedbythevaluationmanualfornetpremiumreservesif
thecompanymeetsspecifiedrequirements.
Thisbillrepealsthatexemption.
PROPONENTS: SupporterssaythatthisbringsMissouriuptocurrent
standardsandreducesunneededpaperwork. Thisdoesnotreduce
consumerprotectionsandthismakesMissourilookmoreattractive
todobusinessin.Thisrequirementisn'tneededandtheNational
AssociationofInsuranceCommissionersdoesnotrequireit.
TestifyingforthebillwereRepresentative Murphy;Missouri
InsuranceCoalition;MissouriDepartmentofCommerceandInsurance;
andtheAmericanCouncilofLifeInsurers.
TestifyingagainstthebillwasArnieC.AcDienoff.
Writtentestimonyhasbeensubmittedforthisbill.Thefull
writtentestimonycanbefoundunderTestimonyonthebillpageon
theHousewebsite.