Effective - 28 Aug 2020, 2 histories
383.160. Policies, period covered — form of policy to be approved — rates, how regulated — assessments, how made — excess funds, disposition of. — 1. All association policies of insurance shall be written to provide medical malpractice insurance coverage as prescribed by the plan of operation. No policy form shall be used by the association unless it has been filed with the director and approved or thirty days have elapsed and he has not delivered to the board written disapproval of it as misleading or not in the public interest. The director shall have the power to disapprove any policy form previously approved if found by him after hearing to be misleading or not in the public interest.
2. Cancellation of the association's policies shall be governed by law.
3. The rates, rating plans, rating rules, rating classifications and territories applicable to the insurance written by the association and statistics relating thereto shall be subject to the casualty rate regulation law giving due consideration to the past and prospective loss and expense experience in medical malpractice insurance of all of the insurers, trends in the frequency and severity of losses, the investment income of the association, and such other information as the director may require. All rates shall be actuarially sound and shall be calculated to be self-supporting.
4. In the event sufficient funds are not available for the sound financial operation of the association, additional funds shall be raised by making an assessment on all member companies. Assessments shall be made against members in the proportion that the net direct premiums for the preceding calendar year of each member for each line of insurance requiring it to participate in said plan bear to the net direct premiums for the preceding calendar year of all members for such line of insurance; provided that, assessments made pursuant to sections 383.150 to 383.195 shall not exceed in any calendar year one percent of each member's net direct premiums attributable to the line or lines of insurance the writing of which requires it to be a member.
5. All members shall deduct the amount of any assessment from past or future premium taxes due but not yet paid the state.
6. Any funds which result from policyholder premiums and other revenues received in excess of those funds required for reserves, loss payments and expenses incurred and accrued at the end of any calendar year shall be paid proportionately to the general fund to the extent that credit against premium tax liability has been granted pursuant to subsection 5 and to members which have been assessed but have not received tax credits as provided in subsection 5.
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(L. 1976 H.B. 1309 § 3, A.L. 2020 S.B. 551)
Structure Missouri Revised Statutes
Title XXIV - Business and Financial Institutions
Chapter 383 - Malpractice Insurance
Section 383.005 - Definitions.
Section 383.016 - Articles of association and bylaws, additional contents.
Section 383.020 - Director to issue license, when.
Section 383.033 - Association treated as mutual insurance company, tax purposes.
Section 383.037 - Rates, requirements.
Section 383.040 - Medical malpractice association exempt from premium tax.
Section 383.060 - Definitions.
Section 383.062 - Reports of real estate malpractice, contents.
Section 383.067 - Immunity granted person reporting and director.
Section 383.069 - Confidentiality of information and reports.
Section 383.075 - Definitions.
Section 383.077 - Reports of legal malpractice claims, contents.
Section 383.079 - Duty of director to issue statistical summary.
Section 383.081 - Immunity granted person reporting and director.
Section 383.083 - Confidentiality of information and reports.
Section 383.100 - Definitions.
Section 383.107 - Publication of market rate.
Section 383.108 - Publication of comparison of base rates.
Section 383.110 - Reports, when due, form of.
Section 383.115 - Information confidential, exception.
Section 383.120 - Immunity granted persons reporting and to director.
Section 383.130 - Definitions.
Section 383.150 - Definitions.
Section 383.165 - Additional first year charge to policyholders.
Section 383.170 - Persons eligible to apply for coverage — eligibility requirements.
Section 383.175 - Board of directors, composition — expenses, payment of authorized.
Section 383.180 - Annual statement, when due, contents of.
Section 383.185 - Annual examination required, cost of, how paid.
Section 383.190 - Appeals and review.
Section 383.195 - Termination of plan, when.
Section 383.200 - Definition of insurer.
Section 383.203 - Rates filed with director — form — open to public, copies.
Section 383.209 - Rate increases over fifteen percent prohibited without notice, exception.