Gov. Nixon speaks at a press conference concerning S.B. 583, flanked by staff of the Department of Insurance, including Director John Huff
Up until the changes went into effect over the weekend, there had been a hole in Missouri law.
“A refund for what you don’t use? It sounds like a basic concept. But until now, this simple concept was not required by Missouri law,” Governor Nixon said.
At least not when it came to long-term care and Medigap insurance policies. Other types of policies were protected by law, but not those.
“Here’s how it will work. If a consumer pays a year’s worth of long-care premiums, then cancels after six months, that consumer will get a refund of six months worth of premiums. These premiums can easily be $150, $200 or more per month. So we’re talking about a significant amount of money in refunds,” Nixon said. [click to continue…]
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