Missouri Code of State Regulations › Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE › Division 400 - Life, Annuities and Health › Chapter 5 - Advertising and Material Disclosures › Section 20 CSR 400-5.600 - Missouri Life and Health Insurance Guaranty Association

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This amendment updates the name and mailing
				  address for the Missouri Life and Health Insurance Guaranty Association, and
				  implements changes made to the Life and Health Insurance Guaranty Association
				  Act by House Bill 1690 (Mo. Laws 2018).
PURPOSE: This rule sets forth the forms for use in
				  connection with the sale of policies or contracts which either are or are not
				  covered by the Missouri Life and Health Insurance Guaranty
				  Association.
APPENDIX ONE
NOTICE OF PROTECTION PROVIDED BY
MISSOURI LIFE AND HEALTH INSURANCE GUARANTY
							 ASSOCIATION
This notice provides a
brief summary
of the
				  Missouri Life and Health Insurance Guaranty Association ("the Association") and
				  the protection it provides for policyholders. This safety net was created under
				  Missouri law, which determines who and what is covered and the amounts of
				  coverage
The Association was established to provide protection in the
				  unlikely event that your life, annuity, or health insurance company becomes
				  financially unable to meet its obligations and is taken over by its insurance
				  department. If this should happen, the Association will typically arrange to
				  continue coverage and pay claims, in accordance with Missouri law, with funding
				  from assessments paid by other insurance companies. (For purposes of this
				  notice, the terms "insurance company" and "insurer" include health maintenance
				  organizations (HMOs).)
The basic protections provided by the Association are as
				  follows:
* Life Insurance
* $300,000 in death benefits, but not more than $100,000 in
				  net cash surrender and net cash withdrawal values
* Health Insurance
* $500,000 for health benefit plans
* $300,000 in disability insurance benefits
* $300,000 in long-term care insurance benefits
* $100,000 in other types of health insurance benefits
* Annuities
* $250,000 in the present value of annuity benefits,
				  including net cash surrender and net cash withdrawal values
The maximum amount of protection for each individual,
				  regardless of the number of policies or contracts, is as follows:
* $300,000 in aggregate for all types of coverage listed
				  above, with the exception of health benefit plans
* $500,000 in aggregate for health benefit plans
* $5,000,000 to one policy owner of multiple nongroup
				  policies of life insurance, whether the policy owner is an individual, firm,
				  corporation, or other person, and whether the persons insured are officers,
				  managers, employees, or other persons
"Health benefit plan" is defined in section
				  376.718, RSMo.
Note: Certain policies and contracts may not be
				  covered or fully covered.
For example, coverage does not extend to any
				  portion(s) of a policy or contract that the insurer does not guarantee, such as
				  certain investment additions to the account value of a variable life insurance
				  policy or a variable annuity contract. There are also various residency
				  requirements and other limitations under Missouri law.
Benefits provided by a long-term care (LTC) rider to a life
				  insurance policy or annuity contract will be considered the same type of
				  benefits as the basic life insurance policy or annuity contract to which it
				  relates.
To learn more about the above protections, as well as
				  protections relating to group contracts or retirement plans, please visit the
				  Association's website at
www.mo-iga.org
, or contact:
Missouri Life and Health
Missouri Department
						  of Commercel
Insurance Guaranty Association
Institutions
						  and Professional Registration
2630 Bolivar Street, Suite 204
301 West High
						  Street, Room 530
Jefferson City, Missouri 65101
Jefferson
						  City, Missouri 65101
Ph.: 573-634-8455
Ph.: 573-522-6115
Fax: 573-634-8488
Insurance companies and agents are not allowed by Missouri
				  law to use the existence of the Association or its coverage to encourage you to
				  purchase any form of insurance or HMO coverage. When selecting an insurance
				  company, you should not rely on Association coverage. If there is any
				  inconsistency between this notice and Missouri law, then Missouri law will
				  control.
*Original authority: 374.045, RSMo 1967, amended 1993,
					 1995, 2008 and 376.756, RSMo1988.