Mo. Code Regs. tit. 20 § 600-2.510
Current through Register Vol. 49, No. 24, December 16, 2024
Section 20 CSR 600-2.510 - Time Periods and Termination of Credit Accident and Sickness InsurancePURPOSE: 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. AUTHORITY: sections 374.045, RSMo Supp. 1993, 376.405 and 376.777, RSMo 1986.* This rule was previously filed as 4 CSR 190-14.020. This version of rule filed Sept. 18, 1974, effective March 1, 1975. Amended by Missouri Register June 3, 2019/Volume 44, Number 11, effective 7/31/2019*Original authority: 374.045, RSMo 1967, amended 1993, 376.405, RSMo 1959, amended 1984; and 376.777, RSMo 1959, amended 1984.