House Bill Summary

CCS/SS/HB 1361 - This act regulates nonadmitted insurers who are domiciled in Missouri and meet certain conditions to sell types of insurance not provided by admitted insurers. Domestic surplus lines insurers may write any type of policy that a nonadmitted insurer not domiciled in Missouri may write. These policies are exempt from certain statutory requirements to the same extent as a nonadmitted insurer domiciled in another state. They are subject to taxes on surplus lines policies including the surplus premium lines tax under Section 384.059 but will not be subject to other taxes levied on admitted insurers whether domestic or foreign such as taxes imposed under Section 148.320. Surplus lines insurers are subject to financial solvency requirements unless specifically exempted.

MICHELA BIRK