Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 600 - Statistical Reporting
Chapter 2 - Credit Insurance
Section 20 CSR 600-2.510 - Time Periods and Termination of Credit Accident and Sickness Insurance

Universal Citation: 20 MO Code of State Regs 600-2.510

Current through Register Vol. 49, No. 6, March 15, 2024

PURPOSE: This proposed amendment adds statutory reference to section 385.045, RSMo since this statute governs policy form approval for credit accident and sickness and also clarifies the content of filings made with the department.

PURPOSE: This regulation specified two (2) rights of debtors under contracts of credit accident and sickness insurance and was promulgated pursuant to the provisions of section 374.045, RSMo and to implement sections 376.405, 376.777, and 385.045, RSMo.

(1) All credit accident and sickness policy and certificate forms filed pursuant to section 385.045 shall contain provisions that comply with the following:

(A) If the creditor and/or insurance company accepts a premium for credit accident and sickness insurance effecting coverage after any terminating age date specified in that insurance contract then that coverage will be extended until the end of the period for which that premium was paid, whether paid periodically or by single term.

(B) If a loan is rewritten necessitating adjustment of the term of insurance, the adjusted insurance policy or certificate shall not impose a new period for time limit on certain defenses but instead recognize the time elapsed under the provisions of the original policy or certificate in satisfaction of the time limit on certain defenses.

*Original authority: 374.045, RSMo 1967, amended 1993, 376.405, RSMo 1959, amended 1984; and 376.777, RSMo 1959, amended 1984.

Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.