WASHINGTON, D.C. (PRWEB) February 28, 2017
Steve Schneider, American Insurance Association (AIA) vice president for state affairs, Midwest region, will testify today before the Missouri legislature in support of commercial lines modernization legislation (SB386/HB741). This legislation would empower Missouri businesses to negotiate the terms of their insurance policies more freely, allowing for the offering of policies that are tailored to their customer’s needs.
SB 386 will be heard in the Senate Banking and Insurance Committee while HB 741 will be heard in the House Insurance Policy Committee. AIA’s Schneider will present testimony in both committees.
Mr. Schneider’s statement follows:
“AIA thanks both the House and Senate Committees for hearing SB386/HB741, legislation that would significantly modernize the regulation of commercial lines products in Missouri.
Modernizing the regulation of commercial lines is long overdue in Missouri. It would better allow businesses to negotiate their insurance product purchase so that it is tailored to best fit their needs.
It is important to note that the filing requirements for lines of business such as workers’ compensation, medical malpractice and small fleet automobile insurance would not be changed or impacted in any way by this legislation. Even with respect to specialty insurance products, insurers would continue to be required to follow all other regulations governing insurance rate and coverage requirements for these lines of business.
We look forward to working with policymakers and regulators following today’s hearing and advocating for modernizing Missouri’s regulation of commercial lines products.”