Retroactive Modification Dates on ClaimsMade Policies

PURPOSE: This rule sets standards for the use of retroactive dates for determining the date of liability or coverage under claimsmade policies. (1) Unless otherwise requested by or agreed to by the policyholder, any insurance company issuing an insurance policy in this state on a claims-made basis shall maintain the original retroactive date, date of liability or coverage stated on the initial policy issued by the insurance company for the duration of the policy, unless otherwise required by or agreed to by the policyholder, renewed or reissued policies must have a retroactive date equal to that of the original policy, provided however, that original retroactive date need not be maintained where the policy has lapsed due to nonpayment of premium. Any replacement of one (1) such policy, issued by one (1) insurer, with another such policy, issued by a second insurer, shall be considered as if issued by a single insurer for the purposes of this rule where both insurers are within the same holding company system. (2) For purposes of this rule, an insurance policy issued on a claims-made basis is a policy which provides coverage only in cases where a written claim is made to the insurer during the stated policy period. AUTHORITY: sections 374.040 and 374.045, RSMo 1994.* Original rule filed Nov. 14, 1991, effective June 25, 1992. *Original authority: 374.040, RSMo 1939, amended 1967 and 374.045, RSMo 1967, amended 1993.