Missouri Senators Look At Changes To Insurance Firm

7 years 7 months 2 weeks ago Tuesday, March 06 2012 Mar 6, 2012 Tuesday, March 06, 2012 1:21:40 PM CST March 06, 2012 in News
By: Associated Press

JEFFERSON CITY, Mo. (AP) -- Missouri senators are looking at changing a state-created insurance company after an audit criticized the firm's operations and expenses.

A Senate committee began hearing testimony Tuesday on a trio of proposals for Missouri Employees Mutual Insurance Co.

One bill would require MEM to transfer $127 million to the state later this year as a step toward spinning off a new private company by 2013. Another bill would give MEM until 2014 to create a new private company but would not require it to pay the state. A third proposal would create a special Senate committee to study potential changes to the insurance firm.

Company CEO Jim Owen endorsed the study proposal. He says MEM has helped create a thriving, competitive marketplace for workers' compensation insurance in Missouri.

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