November 6, 2013
Chief Regulator Huff addresses Missouri Association of Mutual Insurance Companies at annual conference
Encourages association membership to embrace technology modernization of regulation
Jefferson City, Mo. - Missouri Department of Insurance Director John M. Huff recognized the Missouri Association of Mutual Insurance Companies (MAMIC) this week for 118 years of committed service to Missouri consumers. Huff addressed more than 300 producers, insurers and industry representatives at the association's annual awards luncheon in Columbia.
"For more than a century, MAMIC has fostered a platform for Missouri mutual insurance companies to collaborate on trends and challenges facing the insurance industry," said Huff. "I commend their commitment to policyholders, particularly rural Missourians."
Huff stressed the importance of embracing the modernization of regulation and utilizing technology for increased productivity. He encouraged members to utilize the National Association of Insurance Commissioners' System for Electronic Rate and Form Filing (SERFF) when submitting form filings to the department to improve efficiency for the insurers and the department.
"By utilizing electronic form filings, we are leveraging technology to reduce the costs of insurance regulation," Huff said. "Those savings can be passed on to consumers. The insurance industry has been at the forefront of standardizing and automating repetitive processes to cut regulatory costs."
MAMIC was established in 1895 to preserve and safeguard the financial security of small county mutual insurance companies. The association's board of directors is composed of leaders who reside in the rural communities that they serve.
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.