2011 Missouri Revised Statutes
TITLE XXIV BUSINESS AND FINANCIAL INSTITUTIONS
Chapter 376 Life, Health and Accident Insurance
Section 376.970. Administering insurer to serve for three years subject to removal for cause--duties--reports.
Administering insurer to serve for three years subject to removal for cause--duties--reports.
376.970. 1. The administering insurer shall serve for a period of three years subject to removal for cause. At least one year prior to the expiration of each three-year period of service by an administering insurer, the board shall invite all insurers, including the current administering insurer, to submit bids to serve as the administering insurer for the succeeding three-year period. Selection of the administering insurer for the succeeding period shall be made at least six months prior to the end of the current three-year period.
2. The administering insurer shall:
(1) Perform all eligibility and administrative claim-payment functions relating to the pool;
(2) Establish a premium billing procedure for collection of premium from insured persons. Billings shall be made on a period basis as determined by the board;
(3) Perform all necessary functions to assure timely payment of benefits to covered persons under the pool including:
(a) Making available information relating to the proper manner of submitting a claim for benefits to the pool and distributing forms upon which submission shall be made;
(b) Evaluating the eligibility of each claim for payment by the pool;
(4) Submit regular reports to the board regarding the operation of the pool. The frequency, content and form of the report shall be determined by the board;
(5) Following the close of each calendar year, determine net written and earned premiums, the expense of administration, and the paid and incurred losses for the year and report this information to the board and the department on a form prescribed by the director;
(6) Be paid as provided in the plan of operation for its expenses incurred in the performance of its services.
(L. 1990 H.B. 998 4 subsecs. 2, 3)Effective 1-1-91
Annotation Copyright Missouri Joint Committee on Legislative Research
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