August 5, 2013
Missouri's leadership in NAIC continues to grow
Department Director Huff named to chair of financial regulation standards and accreditation committee
Jefferson City, Mo. - The Missouri Department of Insurance continues to play a leadership role in the U.S. system of state-based insurance regulation by serving on multiple committees for the National Association of Insurance Commissioners (NAIC).
Missouri Department Director John M. Huff recently has been named chair of the Financial Regulation Standards and Accreditation (F) Committee. The purpose of the committee is to establish and maintain standards in promoting sound insurance company financial solvency regulation, as well as to evaluate the accreditation program to ensure it meets the standards of the changing regulatory environment. State insurance departments go through a full accreditation review every five years. This review examines the laws and regulations, the financial analysis and examination functions, and organizational and personnel practices in determining a state's compliance with the accreditation standards.
Huff will also continue his role as chair of the Solvency Modernization Initiative (E) Task Force and in his role as vice chair of the Reinsurance (E) Task Force and the NAIC/Industry Liaison Committee.
Huff's other leadership positions with the NAIC include:
- NAIC's representative on the U.S. Financial Stability Oversight Council
- Chair of the Midwest Zone
- Member of the Financial Stability (EX) Task Force
- Member of the International Insurance Relations (EX) Leadership Group
- Member of the Principles-Based Reserving Implementation (EX) Task Force
- Members of the Executive Committee and Internal Administration (EX1) Subcommittee
- Member of the Financial Condition (E) Committee
- Member of the International Insurance Relations (G) Committee
The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, along with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.
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.