March 30, 2012
Department of Insurance, Financial Institutions and Professional Registration releases 2011 Annual Report
Online-only report shows records in Missouri's insurance, banking and credit union industries
Jefferson City, Mo. - Responding to Gov. Jay Nixon's call for more efficient government, the Missouri Department of Insurance, Financial Institutions and Professional Registration has created the second annual report intended exclusively for online viewers. Since 1870, Missouri's insurance regulators had produced some form of published report, many of which were more than 200 pages. Gov. Nixon has directed all state agencies to improve efficiencies and maximize technology wherever possible.
DIFP's 2011 Annual Report is a 24-page review of department operations, industry statistics and accomplishments in the past year. The document is optimized for viewing on a computer monitor, rather than a printed page. Pages can be viewed on one screen, without the need for scrolling. It is also fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.
The report also offers a video greeting with DIFP Director John M. Huff. It characterizes 2011 as a year of records in Missouri:
- The Joplin tornado of May 22 is the largest insurance event in Missouri history, with paid claims at $1.3 billion at the end of 2011.
- Premium sales in Missouri's insurance industry reached $30 billion for the first time
- Consumers who filed complaints received an extra $19.2 million in insurance claims payments, the highest number in DIFP history.
- Assets of state-chartered banks stand at $93 billion, a record level.
- Assets of state-chartered credit unions are above $10 billion, having reached that milestone in May.
"Our annual report will show that despite the unprecedented challenges of 2011, our department fulfilled the three-tiered mission of protecting consumers, encouraging competitive markets and enhancing state-based regulation," said Huff in the report.
The report is available at the department's website, difp.mo.gov.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.