Insurance News

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May 29, 2014

Chief Regulator Huff welcomes industry, fellow regulators to Missouri at NAIC Financial Summit

Summit focuses on NAIC leadership initiatives

Jefferson City, Mo. - Missouri Department of Insurance Director John M. Huff welcomed more than 570 regulators and industry participants to Missouri at the Financial Summit hosted this week in Kansas City by the National Association of Insurance Commissioners. Huff was joined by NAIC President and North Dakota Insurance Commissioner Adam Hamm, Vermont Department of Financial Regulation Commissioner Susan Donegan and Rhode Island Insurance Superintendent Joe Torti III.

"It's a privilege to host such a distinguished group of regulators and industry leaders in our home state," said Huff. "This year's summit has the largest number of participants since it started 10 years ago."

The summit focused on 2014 NAIC leadership initiatives, including corporate governance, statutory accounting updates, groupwide supervision, financial analysis, Principle-Based Reserving, enterprise risk management, Own Risk and Solvency Assessment and reinsurance. Huff was joined by Torti in leading a discussion on captives. The discussion focused on development of captive structures, recent uses of captives by insurers, regulation of captives and efforts to address uniformity and transparency in captive regulation.

Huff chairs the NAIC Financial Regulation Standards and Accreditation (F) Committee. The committee establishes and maintains standards to promote sound insurance company financial solvency regulation of the U.S. system of state-based insurance regulation.

The summit began Wednesday and concludes Friday.

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.

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