Prepayment for policy, return of, when--limitations--violation anunfair trade practice.
375.421. 1. For purposes of this section, the followingwords and phrases shall mean:
(1) "Insurer" shall include any insurance company, healthservices corporation or health maintenance organization,regulated pursuant to chapter 354, RSMo, or chapters 375 to 385, RSMo;
(2) "Policy" or "contract" shall include any insurancepolicy, subscriber contract or member contract, issued ordelivered by any insurer, of any of the following types ordescription:
(a) Noncommercial fire;
(b) Homeowners';
(c) Noncommercial tenants';
(d) Noncommercial motor vehicle;
(e) Individual life;
(f) Individual health;
(g) Group health, other than employer-provided group healthcoverage.
2. No insurer which requires, as a condition of or part ofany application for any policy or contract, the payment of anysum of money prior to issuance of the policy or contract shallretain such sum or any portion of such sum, except for dues forcurrent membership, for a period in excess of sixty days afterthe date of such application unless the insurer:
(1) Issues and delivers to the applicant the policy orcontract for which application is made on or prior to suchsixtieth day; or
(2) Issues and delivers to the applicant a binder,conditional receipt or temporary insurance agreement providingthe coverage for which the application was made, to extend fromthe date that such application was made to the date that suchpolicy or contract is issued.
3. Any insurer required to refund any sum of money to anapplicant for a policy or contract pursuant to this section shalldo so by negotiable instrument payable on demand, delivered tothe applicant on or before the sixtieth day after the date ofapplication for such policy or contract.
4. The provisions of this section shall not bar an insurerwhich refunds any money pursuant to subsections 2 and 3 of thissection from later making a decision relating to an applicationfor a policy or contract, and issuing such policy or contractconditionally upon payment of any required premium, subscriber ormember fee or dues, or payment of any other such sum of money.
5. The provisions of this section shall not be construed toaffect the right of an insurer, as otherwise provided by law,from voiding any policy from its inception date if the insuredmade any misrepresentation on his application for such policy, orhave any effect on policy cancellation laws.
6. Violation of the provisions of this section shall be anunfair trade practice as defined by sections 375.930 to 375.948,and shall be subject to all of the provisions and penaltiesprovided by such sections.
Prepayment for policy, return of, when--limitations--violation anunfair trade practice.
375.421. 1. For purposes of this section, the followingwords and phrases shall mean:
(1) "Insurer" shall include any insurance company, healthservices corporation or health maintenance organization,regulated pursuant to chapter 354, RSMo, or chapters 375 to 385, RSMo;
(2) "Policy" or "contract" shall include any insurancepolicy, subscriber contract or member contract, issued ordelivered by any insurer, of any of the following types ordescription:
(a) Noncommercial fire;
(b) Homeowners';
(c) Noncommercial tenants';
(d) Noncommercial motor vehicle;
(e) Individual life;
(f) Individual health;
(g) Group health, other than employer-provided group healthcoverage.
2. No insurer which requires, as a condition of or part ofany application for any policy or contract, the payment of anysum of money prior to issuance of the policy or contract shallretain such sum or any portion of such sum, except for dues forcurrent membership, for a period in excess of sixty days afterthe date of such application unless the insurer:
(1) Issues and delivers to the applicant the policy orcontract for which application is made on or prior to suchsixtieth day; or
(2) Issues and delivers to the applicant a binder,conditional receipt or temporary insurance agreement providingthe coverage for which the application was made, to extend fromthe date that such application was made to the date that suchpolicy or contract is issued.
3. Any insurer required to refund any sum of money to anapplicant for a policy or contract pursuant to this section shalldo so by negotiable instrument payable on demand, delivered tothe applicant on or before the sixtieth day after the date ofapplication for such policy or contract.
4. The provisions of this section shall not bar an insurerwhich refunds any money pursuant to subsections 2 and 3 of thissection from later making a decision relating to an applicationfor a policy or contract, and issuing such policy or contractconditionally upon payment of any required premium, subscriber ormember fee or dues, or payment of any other such sum of money.
5. The provisions of this section shall not be construed toaffect the right of an insurer, as otherwise provided by law,from voiding any policy from its inception date if the insuredmade any misrepresentation on his application for such policy, orhave any effect on policy cancellation laws.
6. Violation of the provisions of this section shall be anunfair trade practice as defined by sections 375.930 to 375.948,and shall be subject to all of the provisions and penaltiesprovided by such sections.
Prepayment for policy, return of, when--limitations--violation anunfair trade practice.
375.421. 1. For purposes of this section, the followingwords and phrases shall mean:
(1) "Insurer" shall include any insurance company, healthservices corporation or health maintenance organization,regulated pursuant to chapter 354, RSMo, or chapters 375 to 385, RSMo;
(2) "Policy" or "contract" shall include any insurancepolicy, subscriber contract or member contract, issued ordelivered by any insurer, of any of the following types ordescription:
(a) Noncommercial fire;
(b) Homeowners';
(c) Noncommercial tenants';
(d) Noncommercial motor vehicle;
(e) Individual life;
(f) Individual health;
(g) Group health, other than employer-provided group healthcoverage.
2. No insurer which requires, as a condition of or part ofany application for any policy or contract, the payment of anysum of money prior to issuance of the policy or contract shallretain such sum or any portion of such sum, except for dues forcurrent membership, for a period in excess of sixty days afterthe date of such application unless the insurer:
(1) Issues and delivers to the applicant the policy orcontract for which application is made on or prior to suchsixtieth day; or
(2) Issues and delivers to the applicant a binder,conditional receipt or temporary insurance agreement providingthe coverage for which the application was made, to extend fromthe date that such application was made to the date that suchpolicy or contract is issued.
3. Any insurer required to refund any sum of money to anapplicant for a policy or contract pursuant to this section shalldo so by negotiable instrument payable on demand, delivered tothe applicant on or before the sixtieth day after the date ofapplication for such policy or contract.
4. The provisions of this section shall not bar an insurerwhich refunds any money pursuant to subsections 2 and 3 of thissection from later making a decision relating to an applicationfor a policy or contract, and issuing such policy or contractconditionally upon payment of any required premium, subscriber ormember fee or dues, or payment of any other such sum of money.
5. The provisions of this section shall not be construed toaffect the right of an insurer, as otherwise provided by law,from voiding any policy from its inception date if the insuredmade any misrepresentation on his application for such policy, orhave any effect on policy cancellation laws.
6. Violation of the provisions of this section shall be anunfair trade practice as defined by sections 375.930 to 375.948,and shall be subject to all of the provisions and penaltiesprovided by such sections.
