Conversion of Missouri employers mutual insurance company to a private mutual insurance corporation, when
A workers' compensation insurance company that was set up as a public corporation can switch to becoming a private mutual insurance company. To do this, it had to file special paperwork with the state before January 1, 2025. If approved, the switch took effect on January 1, 2025, and the new private company takes over all the old company's money, property, and debts automatically. The state of Missouri is not responsible for any of the company's bills or debts.
287.921. of Missouri employers mutual insurance company to a , when — procedure. — 1. For purposes of this section, the following terms mean:
(1) "Company", any created for the purpose of insuring Missouri employers against for , , and coverage;
(2) "", the department of commerce and insurance;
(3) "", the .
2. Before January 1, 2025, any company may file amended and restated with the department and the converting the company from an independent public corporation to a private mutual insurance corporation under the of chapter 379. If the director that the amended and restated articles of incorporation comply with the applicable provisions of chapter 379, the following shall occur:
(1) The director shall an amended effective January 1, 2025, to the company to operate as a private mutual insurance corporation licensed to write any lines of insurance under the provisions of chapter 379;
(2) The director shall reauthorize the company's existing filings, forms, or other matters on file with the department so that the company's filings, rates, forms, or other administrative matters shall be effective January 1, 2025; and
(3) The secretary of state shall issue an amended effective January 1, 2025, certifying and declaring the company to be a body corporate duly organized, existing, and entitled to all rights and privileges granted s organized under chapter 379.
3. The company may continue to conduct business under its existing name or adopt any other name that complies with state law.
4. (1) From and after January 1, 2025, the converted private mutual insurance corporation shall become the to all and of the company as of the conversion date directed in this section without any or and without any further act or and shall be to all property of the company.
(2) The state is not for the expenses, liabilities, or debts of:
(a) The converted private mutual insurance corporation described in this section;
(b) The company; or
(c) A or joint enterprise involving the private mutual insurance corporation or the company.
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Source & history notes
(L. 2023 S.B. 101)
Legal information, not legal advice. Always confirm with the official source at revisor.mo.gov.