Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 500 - Property and Casualty
Chapter 6 - Workers' Compensation and Employers' Liability
Section 20 CSR 500-6.500 - Performance Standards for Workers' Compensation Carriers
Universal Citation: 20 MO Code of State Regs 500-6.500
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment streamlines language and updates statutory authority.
PURPOSE: This rule establishes minimum standards of performance for carriers writing Workers' Compensation coverage with regard to the writing of policies, auditing and billing accounts, and servicing. This rule was adopted pursuant to the provisions of section 374045., RSMo and implements section 287310., RSMo.
(1) Policy Service Standards.
(A) All policies are to be issued within
sixty (60) days of the receipt of the application. Renewal policies are to be
issued within sixty (60) days of receipt of the deposit premium. This
subsection is not applicable if there exists a written agreement between the
policyholder and the insurance company to delay the issuance of the
policy.
(B) Endorsements are to be
issued within sixty (60) days of the receipt of the request. This subsection is
not applicable if there exists a written agreement between the policyholder and
the insurance company to delay the issuance of the endorsement .
(C) Reinstatement notices are to be issued
within thirty (30) days after the request for reinstatement has been received
and the premium due has been paid.
(D) Certificates of insurance are to be
mailed within five (5) working days of receipt of the request.
(2) Audit Standards.
(A) Audits shall be completed, billed, and
any premiums returned within one hundred twenty (120) days of policy expiration
or cancellation unless-
1. Delay is caused by
the policyholder's failure to respond to reasonable audit requests provided
that the requests are timely and adequately documented; or
2. A written agreement of the policyholder
and insurance company provides a longer timeframe.
(B) If a policyholder or insurance company
has any objection to the results of any audit, the policyholder or insurance
company may send a written notice demanding a reconsideration of the audit
within three (3) years from the date of expiration or cancellation of that
policy. The written notice shall be based upon sufficiently clear and specific
facts as to why the audit should be reconsidered.
*Original authority: 287.310, RSMo 1939, amended 1992 and 374.045, RSMo 1967.
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