MO | The Missouri Department of Commerce & Insurance has issued Bulletin 22-01.
This Bulletin is issued to provide information regarding the practice of replacing insurance coverage terminated by one carrier (“terminating carrier”) with insurance coverage provided by a different carrier (“new carrier”). There appears to be uncertainty in the marketplace regarding the consumer consent required to be obtained by the new carrier to issue and bind coverage after coverage is discontinued by the terminating carrier. Specifically, the question has arisen whether a new carrier may collect data from the terminating carrier or its producers, without an application from the consumer, and simply issue new policies or new certificates of coverage to those consumers whose policies or certificates are being non-renewed by the terminating carrier. This bulletin only applies where an offer of coverage to consumers is made by a new carrier who is unaffiliated with the terminating carrier.
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