JEFFERSON CITY — On Thursday, June 6, the governor signed House Bill 182 into law. The measure was handled in the Missouri Senate by Sen. Sandy Crawford, R-Buffalo. House Bill 182 modifies provisions related to interest rates on insurance payments.
“I am happy to see this bill signed into law,” Sen. Crawford said. “It was a pleasure to handle this much-needed piece of legislation in the Missouri Senate, which will ease some of the regulatory burdens on insurance companies throughout our state.”
Currently, if the director of the Missouri Department of Insurance, Financial Institutions and Professional Registration determines an insurance company has to pay interest on any claim, refund or payment, and the interest rate is not already provided for by law, the rate is set at the annual adjusted prime rate, not to exceed 9 percent. House Bill 182 clarifies insurance companies who voluntarily pay interest on any claim, refund, penalty or payment can also calculate the interest rate, again, not to exceed 9 percent.
For more information about Sen. Crawford and her legislation, visit her Missouri Senate webpage: senate.mo.gov/crawford.