Title XXIV, BUSINESS AND FINANCIAL INSTITUTIONS

385.010. Purpose clause. — The purpose of sections 385.010 to 385.080 is to promote the public welfare by regulating credit life insurance and credit accident and sickness insurance, credit casualty insurance, credit involuntary unemployment insurance and credit property insuranc…

385.015. Scope of law. — All life insurance, accident and sickness insurance, involuntary unemployment insurance, credit casualty insurance, and property insurance written in connection with loans or other credit transactions shall be subject to the provisions of sections 385.010…

385.020. Definitions. — 1. As used in sections 385.010 to 385.080, the following words and phrases mean: (1) "Credit accident and sickness insurance", insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the deb…

385.025. Credit life and accident insurance, form in which it shall be issued. — Credit life insurance and credit accident and sickness insurance shall be issued only in the following forms: (1) Individual policies of life insurance issued to debtors on a term plan; (2) Individua…

385.030. Amount of insurance permitted — payments, amount of, limited. — 1. The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness and, where an indebtedness is repayable in substantially equal installments, the …

385.035. Term of policy, prepayment of debt, effect of. — The term of any credit life insurance or credit accident and sickness insurance, subject to acceptance by the insurer, shall commence on the date when the debtor becomes obligated to the creditor, except that, where a grou…

385.040. Policy or group certificate, contents of, delivery required — policy or certificate not delivered, effect of. — 1. All credit life insurance and credit accident and sickness insurance shall be evidenced by an individual policy, or in the case of group insurance by a cert…

385.045. Filings required to be made with director — disapproval by director, effect of — rules, procedure. — 1. All policies, certificates of insurance, notices of proposed insurance, applications for insurance, endorsements, and riders delivered or issued for delivery in this s…

385.050. Revision of premium schedules, procedure for — refunds paid, when — limit on charge for credit life. — 1. Any insurer may revise its schedules of premium rates from time to time and shall file the revised schedules with the director. No insurer shall issue any credit lif…

385.055. Who may issue credit life insurance. — All policies and certificates of credit life insurance and credit accident and sickness insurance shall be delivered or issued for delivery in this state only by an insurer authorized to do an insurance business herein and shall be …

385.060. Reporting and settlement of claims — who may adjust claims. — 1. All claims shall be promptly reported to the insurer or its designated claims representative, and the insurer shall maintain adequate claim files. All claims shall be settled promptly and in accordance with…

385.065. Debtor to be informed of his option to use existing policies of insurance as security — policy may be obtained from any licensed insurer. — When life insurance or accident and sickness insurance is required or requested as additional security for any indebtedness, the de…

385.070. Rates presumed reasonable, when — criteria to be met — policy may be cancelled, when — compensation to creditor for sale of coverage, maximum allowed. — 1. It shall be presumed in any review of rates filed with the director that the benefits are reasonable in relation to…

385.075. Regulatory powers of director. — The director may, after notice and hearing, pursuant to section 374.045, issue the rules and regulations that he deems necessary to effectuate the purposes of sections 385.010 to 385.080, or to eliminate devices or plans designed to avoid…

385.080. Credit life, accident and health insurance must be placed directly in companies holding a certificate of authority to do business in this state. — Credit life and credit accident and health insurance may be written or issued in Missouri only when placed directly in insur…

385.202. Issuance of contracts, criteria — registration required — duties of providers — exemption from state licensure. — 1. Motor vehicle extended service contracts shall not be issued, sold, or offered for sale in this state unless the provider or its designee has: (1) Provide…

385.204. Reimbursement insurance policies, requirements. — Reimbursement insurance policies insuring motor vehicle extended service contracts issued, sold, or offered for sale in this state shall conspicuously state that, upon failure of the provider to perform under the contract…

385.205. Delivery within commercially feasible time period — copy of contract to be delivered to consumer, when — violation, penalty. — 1. It is unlawful for any provider that has authorized a motor vehicle extended service contract with a consumer to fail to cause delivery to th…

385.207. Business entity producer and individual producer licenses required — application requirements — issuance, renewal — rulemaking authority. — 1. A business entity, prior to selling, offering, negotiating, or soliciting a motor vehicle extended service contract with a consu…

385.208. Deceptive practices. — 1. It is unlawful for a provider, administrator, producer, or any other person selling, offering, negotiating, or soliciting a motor vehicle extended service contract to: (1) Use in its name the words insurance, casualty, guaranty, warranty, surety…

385.209. Licensure sanctioning, when — notification by director, when — producer to notify director, when. — 1. The director may suspend, revoke, refuse to issue, or refuse to renew a registration or license under sections 385.200 to 385.220 for any of the following causes, if th…

385.210. Record-keeping requirements. — 1. An administrator, provider, or other intermediary shall keep accurate accounts, books, and records concerning transactions regulated by sections 385.200 to 385.220. 2. An administrator's, provider's, or other intermediary's accounts, boo…

385.211. Register of business entity producers to be maintained — inspection of list — updating of registry, when. — 1. A provider registered to issue motor vehicle extended service contracts in this state shall maintain a register of business entity producers who are authorized …

385.212. Termination, notice required. — As applicable, an insurer that issued a reimbursement insurance policy shall not terminate the policy until a notice of termination, in a form and time frame prescribed by the director, has been mailed or delivered to the director. The ter…

385.214. Providers considered agents of insurer, when — indemnification and subrogation. — 1. Providers are considered to be the agent of the insurer that issued the reimbursement insurance policy. In cases where a provider is acting as an administrator and enlists other provider…

385.216. Investigations, administrative orders. — 1. The director may conduct investigations or examinations of providers, administrators, insurers, or other persons to enforce the provisions of sections 385.200 to 385.220 and protect service contract holders in this state. 2. If…

385.218. Rulemaking authority. — The director may promulgate rules to effectuate sections 385.200 to 385.220. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it…

385.220. Inapplicability. — 1. The provisions of sections 385.200 to 385.220 shall not apply to: (1) Warranties; (2) Maintenance agreements; (3) Commercial transactions; (4) Service contracts sold or offered for sale to persons other than consumers; or (5) Motor club contracts, a…

385.302. Registration required, fee — administrator authorized — provider requirements. — 1. It is unlawful for any person to issue, sell or offer for sale in this state any service contract, unless each provider has registered with the director on a form prescribed by the direct…

385.304. Reimbursement insurance policy requirements. — Reimbursement insurance policies insuring service contracts issued, sold or offered for sale in this state shall state that, upon failure of the provider to perform under the contract, including the failure to return the une…

385.308. Deceptive practices. — 1. It is unlawful for any provider to use in its name the words insurance, casualty, guaranty, surety, mutual, or any other words descriptive of the insurance, casualty, guaranty, or surety business, or any name deceptively similar to the name or d…

385.310. Record-keeping requirements. — 1. A provider or administrator shall keep accurate accounts, books, and records concerning transactions regulated under sections 385.300 to 385.320. However, only one set of such accounts, books, and records is required to be maintained and…

385.312. Termination, notice required. — As applicable, an insurer that issued a reimbursement insurance policy shall not terminate or nonrenew the policy until a notice of termination has been mailed or delivered to the director. The termination or nonrenewal of a reimbursement …

385.314. Providers considered agents of insurer, when — indemnification and subrogation. — 1. Providers are considered to be the agent of the insurer which issued the reimbursement insurance policy for purposes of obligating the insurer to contract holders under service contracts…

385.316. Investigations, administrative orders. — 1. The director may conduct investigations or examinations of providers, administrators, insurers, or other persons to enforce the provisions of sections 385.300 to 385.320 and protect service contract holders in this state. 2. If…

385.318. Rulemaking authority. — The director may promulgate rules to effectuate sections 385.300 to 385.320. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in this section shall become effective only if it…

385.320. Inapplicability. — 1. Sections 385.300 to 385.320 shall not apply to: (1) Warranties; (2) Maintenance agreements; (3) Warranties, service contracts, or maintenance agreements offered by public utilities on their transmission devices to the extent they are regulated under…

385.321. Effective date for certain sections. — The repeal of sections 407.1200, 407.1203, 407.1206, 407.1209, 407.1212, 407.1215, 407.1218, 407.1221, 407.1224, 407.1225, and 407.1227 and the enactment of sections 385.200, 385.201*, 385.203*, 385.204, 385.205**, 385.207**, 385.20…

385.400. Citation of law. — Sections 385.400 to 385.436 shall be known and may be cited as the "Missouri Vehicle Protection Product Act". ­­-------- (L. 2008 S.B. 930 & 947) Effective 1-01-09

385.403. Definitions. — As used in sections 385.400 to 385.436, the following terms shall mean: (1) "Administrator", a third party other than the warrantor who is designated by the warrantor to be responsible for the administration of vehicle protection product warranties; (2) "D…

385.406. Applicability, exceptions. — 1. No vehicle protection product may be sold or offered for sale in this state unless the seller, warrantor, and administrator, if any, comply with the provisions of sections 385.400 to 385.436. 2. Vehicle protection product warrantors and re…

385.409. Registration required — records, content — fee — notice for failure to register. — 1. A person may not operate as a warrantor or represent to the public that the person is a warrantor unless the person is registered with the department on a form prescribed by the directo…

385.412. Vehicle protection products, no offer for sale unless warrantor ensures adequate performance. — No vehicle protection product shall be sold or offered for sale in this state unless the warrantor conforms to either subdivision (1) or (2) of this section in order to ensure…

385.415. Warranty reimbursement insurance policy requirements. — No warranty reimbursement insurance policy shall be issued, sold, or offered for sale in this state unless the policy meets the following conditions: (1) The policy states that the issuer of the policy will reimburs…

385.418. Warranty requirements. — 1. Every vehicle protection product warranty shall be written in clear, understandable language and shall be printed or typed in an easy-to-read point size and font and shall not be issued, sold, or offered for sale in the state unless the warran…

385.421. Warranty to contain cancellation terms and conditions — written notice of cancellation required. — 1. No vehicle protection product may be sold or offered for sale in this state unless the vehicle protection product warranty states the terms and conditions governing the …

385.424. Prohibited use of names and terms. — 1. Unless licensed as an insurance company, a vehicle protection product warrantor shall not use in its name, contracts, or literature the words "insurance", "casualty", "surety", "mutual", or any other word that is descriptive of the…

385.427. Record-keeping requirements. — 1. All vehicle protection product warrantors shall keep accurate accounts, books, and records concerning transactions regulated under sections 385.400 to 385.436. 2. A vehicle protection product warrantor's accounts, books, and records shal…

385.430. Enforcement authority — administrative orders permitted. — 1. The director may conduct examinations of warrantors, administrators, or other persons to enforce sections 385.400 to 385.436 and protect warranty holders in this state. Upon request of the director, a warranto…

385.433. Rulemaking authority. — The director may promulgate rules and regulations to implement the provisions of sections 385.400 to 385.436. Such rules and regulations shall include disclosures for the benefit of the warranty holder, record keeping, and procedures for public co…