January 29, 2014
Missouri continues to grow its leadership in the National Association of Insurance Commissioners
Department Director Huff appointed to chair multiple national regulation committees
Jefferson City, Mo. - The Missouri Department of Insurance, Financial Institutions and Professional Registration continues to play a key role in the U.S. system of state-based insurance regulation by maintaining leadership roles on multiple committees for the National Association of Insurance Commissioners (NAIC).
"I look forward to continuing our work with the NAIC on key issues that impact consumers and industry in Missouri as well as the nation," said Department Director John M. Huff. "By serving in leadership roles in the NAIC, the department can better serve Missourians."
Director Huff has been appointed to chair multiple committees, including the Reinsurance Task Force, Financial Regulation Standards and Accreditation Committee, and a newly formed group, the Governance Review Task Force.
- The Reinsurance (E) Task Force provides a forum for reinsurance-related issues for public policy and coordinates activities that overlap the charges of other working groups. Missouri is one of the leading life reinsurance states in the U.S.
- The Financial Regulation Standards and Accreditation (F) Committee establishes and maintains standards to promote sound insurance company financial solvency regulation.
- The Governance Review (EX) Task Force is a new committee that will examine the corporate governance of the NAIC.
Huff also will serve as vice chair of the NAIC/Industry Liaison Committee, which meets to discuss issues relevant to regulators and insurance industry representatives.
Other committees on which Director Huff serves:
- U.S. Financial Stability Oversight Council (FSOC), of which he is the designated insurance regulator.
- Financial Stability (EX) Task Force.
- International Insurance Relations (EX) Leadership Group.
- Principle-Based Reserving Implementation (EX) Task Force.
- Senior Issues (B) Task Force.
- Workers' Compensation (C) Task Force.
- Financial Condition (E) Committee.
- Receivership and Insolvency (E) Task Force.
- International Insurance Relations Committee (G)
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.