Members of Missouri House and Senate have given final approval to S.B. 66, a bill that would expand the authority of the Missouri Department of Insurance, Financial Institutions & Professional Registration.
Members of the House approved an amended version of the bill 125-33 Tuesday, and members of the Senate voted 33-1 to approve the bill Wednesday.
The original version of the bill, which was introduced by Sen. Scott Rupp, R-Wentzville, Mo., would have expanded the Missouri department’s oversight over matters such as life insurance company sales practices.
Lawmakers kept the original provisions and added provisions that would give the department more authority over title insurers and medical discount card companies.
One section of the final version of S.B. 66 would allow the Missouri department to establish disclosure and suitability rules for producers that sell annuities and life insurance policies.