Tag: Missouri insurance

Medical malpractice insurance premiums to rise in Missouri

Nordstrom
medical malpractice insurance premiums

State Supreme Court rules insurance caps unconstitutional Medical malpractice insurance premiums are expected to shoot up in Missouri after the state’s Supreme Court has declared a longstanding cap on the premiums unconstitutional. In 2004, Missouri legislators placed a cap on medical malpractice insurance premiums. Since then, premiums have dropped by 28%. The cap also lowered a cap concerning non-economic damages in malpractice cases, making it more difficult for consumers and insurance companies to recover funds that may be vital in the attainment of additional care. Cap had limited medical malpractice…

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Missouri Department of Insurance releases report concerning 2011 natural disasters

The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…

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Missouri Senate overturns Governor Nixon veto on worker’s compensation changes

Nordstrom

The Missouri Senate has overridden a veto from Governor Jay Nixon concerning the states worker’s compensation laws. Governor Nixon had vetoed a bill last month that would have imposed bans on some lawsuits regarding workplace injuries. The Senate voted to overturn this veto with a 24-9 vote, claiming that the ban would cause significant legal problems throughout the state. After overriding the veto from Governor Nixon, state legislators passed a bill that would stop employees from suing their co-workers for injuries they receive whilst working. This is not the only…

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Missouri insurer finds criticism from state auditor

S.Vagus

Missouri’s largest provider of worker’s compensation insurance has come under fire from one of the state’s auditors, Tom Schweich. The Missouri Employers Mutual Insurance Company (MEM) is a state-backed insurance company created in 1993. Since its creation, the insurer has avoided paying federal taxes because of its claim to be a public corporation. Accusations of corruption led to the company’s agreeing to a one-time review from the state to ensure that its business practices were sound and that it was not misrepresenting itself for the sake of profit. According to…

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Insurance rates in Missouri to rise after troublesome year of natural disasters.

Missouri residents can expect to see higher rates for their homeowners insurance in the coming months thanks to the major disaster that struck the town of Joplin early last year. On May 22, 2011, a massive tornado rolled through Joplin, causing unprecedented damage throughout the town causing many businesses to shut down and leaving nearly a third of the town uninhabitable. The tornado cost the state millions of dollars in insured losses, and now insurers are looking to recovery some of that money. Several insurers have proposed rate hikes between…

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Missouri insurance department implements new program to locate deceased relatives’ life insurance policy

Julie Campbell

The insurance department in Missouri has just developed a new program that will assist beneficiaries in being able to track down any life insurance policy that is held by the deceased person. The insurance department has said that it isn’t at all uncommon for people to know that a family member has life insurance coverage, but not actually know which insurer sold the policy. Using this new program in Missouri, people who are searching for a life insurance policy for a dead relative will be able to give the information…

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Missouri lawmakers investigate state’s employee insurance program over surplus funds

S.Vagus

The Missouri Legislature continues to investigate Missouri Employers Mutual Insurance Co., a state-backed insurance company providing coverage to public employees. The Legislature has recovered more than $163 million in surplus money from the insurance company, which was seized after regulators found that the company was, supposedly, withholding benefits. The investigation stems from events that unfolded earlier in the year, in which state regulators found that two of the company’s five board members were committed theft and fraud. Now the insurance company faces the scrutiny of state legislators, who are investigating…

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