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Agents urge caution on changes to Missouri insurer

Some insurance agents urged caution Monday as Missouri lawmakers considered changes to a state-created workers' compensation firm that has been criticized by the state auditor for taking advantage of a federal tax exemption while spending heavily on perks.

By David A. Lieb | Updated on April 03, 2012

JEFFERSON CITY, Mo. (AP) — Some insurance agents urged caution Monday as Missouri lawmakers considered changes to a state-created workers’ compensation firm that has been criticized by the state auditor for taking advantage of a federal tax exemption while spending heavily on perks.

Legislation already endorsed by a Senate committee would set up a special panel to study whether the 1993 law creating Missouri Employers Mutual Insurance Co. should be changed. The study represents a go-it-slow approach embraced by the company’s CEO as a better alternative to bills requiring the firm to be spun off as a new, purely private insurer.

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