HB 277 Riley, Alex
HB 277 -- MISSOURI EMPLOYERS MUTUAL INSURANCE COMPANY
SPONSOR: Riley
Before January 1, 2025, the company known as the Missouri Employers Mutual Insurance Company shall file amended and restated Articles of Incorporation with the Missouri Department of Commerce and Industry (DCI) and the Secretary of State (SOS) converting the company from an independent public corporation to a private mutual insurance corporation.
Upon complying with the applicable provisions of Chapter 379, RSMo, the DCI Director shall issue an amended Certificate of Authority effective January 1, 2025, to the company, to operate as a private mutual insurance corporation that is authorized to write any lines of insurance. The SOS shall issue an amended Certificate of Incorporation effective January 1, 2025, as indicated in the bill.
The company may continue to conduct business using the name "Missouri Employers Mutual Insurance Company" or adopt a different name that complies with state law.
From and after January 1, 2025, the converted private mutual insurance corporation becomes the successor in interest to all assets and liabilities of the company without any conveyance or transfer and without any further act or deed and shall be vested by operation of law to all property of the company.
The state of Missouri is not liable for any expenses, liabilities or debts of the converted private mutual insurance corporation, the company or subsidiary or joint enterprise of the converted private mutual insurance corporation or the company.
This bill repeals Missouri Employers Mutual Insurance Company's enabling legislation. The repeal of the sections become effective on January 1, 2025.