Missouri Senators Look At Changes To Insurance Firm
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.