HB 626 -- INSURANCE EXAMINATIONS

This bill requires companies or persons subject to a market
conduct examination by the Department of Insurance to produce
requested records within 10 days.  In addition, an insurer must
keep policy records for 2 years after a policy term expires.
Claim files must be kept for 3 years after the year in which a
claim is closed.

HB 626 -- INSURANCE EXAMINATIONS (Liese)

This bill requires companies or persons subject to a market
conduct examination by the Missouri Department of Insurance to
produce requested records within 10 days. In addition, insurers
must keep policy records for 2 years after a policy expires and
claim files must be kept for 3 years after a claim is closed.

FISCAL NOTE:  No impact on state funds.

HB 626 -- INSURANCE EXAMINATIONS

SPONSOR:  Liese

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee
on Insurance by a vote of 15 to 0.

This bill requires companies or persons subject to a market
conduct examination by the Missouri Department of Insurance to
produce requested records within 10 days. In addition, insurers
must keep policy records for 2 years after a policy expires and
claim files must be kept for 3 years after a claim is closed.

FISCAL NOTE:  No impact on state funds.

PROPONENTS:  Supporters say that this bill is a compromise
worked out between the Department of Insurance and insurance
companies.

Testifying for the bill were Representative Liese; and Missouri
Insurance Coalition.

OPPONENTS:  There was no opposition voiced to the committee.

Martin Romitti, Research Analyst

HB 626 -- Insurance Examinations

Sponsor:  Liese

This bill requires companies or persons subject to a market
conduct examination by the Missouri Department of Insurance to
produce requested records within 10 days. In addition, insurers
must keep policy records for 2 years after a policy expires and
claim files must be kept for 3 years after a claim is closed.