435.350. Validity of arbitration agreement, exceptions.
Validity of arbitration agreement, exceptions.
435.350. A written agreement to submit any existing controversy toarbitration or a provision in a written contract, except contracts ofinsurance and contracts of adhesion, to submit to arbitration anycontroversy thereafter arising between the parties is valid, enforceableand irrevocable, save upon such grounds as exist at law or in equity forthe revocation of any contract. Contracts which warrant new homes againstdefects in construction and reinsurance contracts are not "contracts ofinsurance or contracts of adhesion" for purposes of the arbitrationprovisions of this section.
(L. 1980 H.B. 1203 § 1, A.L. 1996 H.B. 929)(2000) Section regulates the business of insurance and thus is not preempted by the Federal Arbitration Act due to the provisions of the McCarran-Ferguson Act. Standard Security Life Ins. Co. v. West, 127 F.Supp.2d 1064 (W.D.Mo.); aff''d, 267 F.3d 821 (8th Cir. 2001).