PURPOSE: This regulation specified two (2) rights of debtors under contracts of credit accident and sickness insurance and was promulgated pursuant to the provisions of section 374.045, RSMo and to implement sections 376.405, 376.777, and 385.045, RSMo. (1) All credit accident and sickness policy and certificate forms filed pursuant to section 385.045, RSMo shall contain provisions that comply with the following:

1. (A) If the creditor and/or insurance company accepts a premium for credit accident and sickness insurance effecting coverage after any terminating age date specified in that insurance contract then that coverage will be extended until the end of the period for which that premium was paid, whether paid periodically or by single term; and
2. (B) If a loan is rewritten necessitating adjustment of the term of insurance, the adjusted insurance policy or certificate shall not impose a new period for time limit on certain defenses but instead recognize the time elapsed under the provisions of the original policy or certificate in satisfaction of the time limit on certain defenses.

AUTHORITY: sections 374.045, 376.405, and 376.777, RSMo 2016.* This rule was previously filed as 4 CSR 190-14.020. This version of rule filed Sept. 18, 1974, effective March 1, 1975. Amended: Filed Dec. 13, 2018, effective July 30, 2019. *Original authority: 374.045, RSMo 1967, amended 1993, 1995, 2008; 376.405, RSMo 1959, amended 1984, 2013; and 376.777, RSMo 1959, amended 1984, 2013.