MO Department of Insurance Sets New Rules After Joplin Tornado

5 years 3 months 3 weeks ago Wednesday, August 22 2012 Aug 22, 2012 Wednesday, August 22, 2012 9:19:00 AM CDT August 22, 2012 in News
By: Amy Couch
loading

JEFFERSON CITY - The Missouri Department of Insurance set new rules for smaller farm mutual companies Tuesday.

The new rule makes sure insurance companies located in small, rural towns will not be completely wiped out of surplus and ran out of money when paying their claims in certain instances like the Joplin tornado in May 2011.

These smaller insurance companies will be required to have insurance themselves to make sure future losses will not deplete their surplus funds by more than 20 percent in one year.

After the Joplin tornado, one small farm mutual insurance company almost went bankrupt because they did not have sufficient enough funds to pay their customer's claims.

"It's really important that these companies be protected because they serve a very important role in our state. A lot of rural home and business owners have a hard time finding property insurance coverage, so it's very important that these farm mutuals stay around," said Travis Ford, spokesman for the department of insurance.

The new insurance rules will go into effect January 1.

More News

Grid
List
COLUMBIA - The Wyss Medical Foundation donated $2 million to the Missouri Orthapaedic Institute for the work of lead orthopaedic... More >>
1 hour ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 5:05:00 PM CST December 16, 2017 in News
NEW BLOOMFIELD- A two vehicle car wreck Saturday left one person dead and another injured, according to the Missouri State... More >>
2 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 4:19:00 PM CST December 16, 2017 in News
COLUMBIA- On Friday, the Columbia Police Department inducted eight new recruits, the largest class of officers in years. The... More >>
2 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 4:03:00 PM CST December 16, 2017 in News
JACKSONVILLE - An estimated 400 people attended a wreath laying ceremony Saturday at the Jacksonville State Veterans Cemetery. It... More >>
2 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 3:31:00 PM CST December 16, 2017 in News
COLUMBIA – Graduation day is long awaited by many and Amy Kiso Bledsoe is no exception. Bledsoe was... More >>
3 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 2:47:00 PM CST December 16, 2017 in News
ST. LOUIS (AP) — As Missouri struggles with the epidemic of opioid abuse, no place in the state has been... More >>
5 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 1:10:14 PM CST December 16, 2017 in News
BOONE COUNTY - A furnace malfunction caused a fire in a trailer home on Pratherville Road Saturday morning. Gale... More >>
6 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 12:05:48 PM CST December 16, 2017 in News
KANSAS CITY, Mo. (AP) — People returning to Kansas City after being released from prison will get a 90-day supply... More >>
7 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 11:25:12 AM CST December 16, 2017 in News
BOONE COUNTY - Firefighters responded to a shed fire off of Highway 40 near Rocheport Saturday morning. Boone County... More >>
8 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 10:04:00 AM CST December 16, 2017 in News
KANSAS CITY, Mo. (AP) — Officials with the University of Missouri-Kansas City say students will soon have access to state-of-the-art... More >>
10 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 8:16:45 AM CST December 16, 2017 in Continuous News
COLUMBIA - Cat cafes have popped up across the world in cities including New York City, London and Tokyo, and... More >>
10 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 7:36:00 AM CST December 16, 2017 in News
JEFFERSON CITY - Some Jefferson City kids are getting the chance at a Merry Christmas this year with the help... More >>
18 hours ago Saturday, December 16 2017 Dec 16, 2017 Saturday, December 16, 2017 12:00:00 AM CST December 16, 2017 in Top Stories
COLUMBIA - The Missouri State Highway Patrol has confirmed it has fired Trooper Anthony Piercy. KOMU 8 spoke to... More >>
21 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:42:00 PM CST December 15, 2017 in News
COLUMBIA - St. Louis officers arrested a suspect that was on the run in a duplex on Sears Court in... More >>
21 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:29:00 PM CST December 15, 2017 in News
COLUMBIA - The application for the top education position in the state, Missouri State Education Board Commissioner, opened Friday leaving... More >>
22 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 8:02:00 PM CST December 15, 2017 in News
BLUE SPRINGS (AP) — A commercial real estate records company based in suburban Kansas City has abruptly shut down, leaving... More >>
22 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 7:42:00 PM CST December 15, 2017 in Top Stories
COLUMBIA - The Columbia Fire Department say a house fire that killed a cat Friday afternoon started in the kitchen.... More >>
22 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 7:29:00 PM CST December 15, 2017 in News
COLUMBIA - For the past six years Ryan Shultz, the creator/owner of the Candy Cane Crib, has shared a well-lit... More >>
23 hours ago Friday, December 15 2017 Dec 15, 2017 Friday, December 15, 2017 7:17:00 PM CST December 15, 2017 in News
Columbia, MO
Broken Clouds 50°
7pm 49°
8pm 47°
9pm 45°
10pm 45°

Select a station to view its upcoming schedule:

Coming Up Next

6:00p
KOMU 8 News @ 6
6:30p
Wheel of Fortune
7:00p
Will & Grace
6:00p
The Cleveland Show
6:30p
The Cleveland Show
7:00p
Family Guy

Tonight's Schedule

7:00p
Will & Grace
7:30p
Superstore
8:00p
Dateline NBC
9:00p
Saturday Night Live
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld