Rate and Form Filings in Missouri

RATE FILING

Rates must be filed by the underwriter with the Missouri Department of Insurance. If the filings are not disapproved within thirty days, they are deemed approved. The rate which has to be filed is the "risk rate," which is also defined as premium. Rates for search and exam fees, service charges, and closing fees are not required to be filed. Title agents are not required to file rates, but must adhere to those filed by the underwriter.

FORM FILING

Forms must be filed by the underwriter with the Missouri Department of Insurance. If the filings are not disapproved within thirty days, they are deemed effective. Title agents do not file forms, and they are required to use those filed by their underwriter.

STATUTORY RETENTION REQUIREMENTS

A title insurer for a single risk on property located in Missouri, whether assumed directly or as reinsurance, may not exceed fifty percent of the sum of its total surplus to policy holders and unearned premium reserve, less the admitted asset value assigned to title plants, as shown in the most recent annual statement of the title insurer on file in the office of the director of the Missouri Department of Insurance. (Section 381.061 Missouri Revised Statutes)

STATUTORY REGULATION OF THE BUSINESS OF TITLE INSURANCE

Payments for the referral of business is generally prohibited. (Section 381.141 Missouri Revised Statutes) Also, requiring use of a particular title insurer is prohibited. (Section 381.161 Missouri Revised Statutes)

SVU

Commitment, policy and endorsement forms must be filed with the DIFP by the Insurer. There is no rate service organization. The Insurer files its Premium/Risk Rate for policies and endorsements with the DIFP. Title service charges made by the issuing agent are not filed. No “all-inclusive” rates or charges may be made. See Regulations at http://sos.mo.gov/adrules/csr/current/20csr/20c500-7.pdf

Pending

Add Endorsements
- ALTA 20-06 was added in 2018
- Any others?
Standard Exceptions per ALTA Language
- Parties in Possession in MO uses "parties" while STAX01 using "persons". MO version appears to be best.
- Current: (a) Unpatented mining claims: (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the public records. ["Public Records" not capitalized although others currently filed do capitalize the term.]
- ALTA STAX06: (A) Unpatented mining claims; (B) reservations or exceptions in patents or in laws authorizing the patents; (C) Native American treaties or aboriginal rights, including, but not limited to, easements or equitable servitudes; or (D) water rights, claims, or title to water, whether or not the matters excepted under (A), (B), (C), or (D) are shown in the Public Records.