May 9, 2014
Missouri Department of Insurance, Financial Institutions and Professional Registration releases Annual Report
Missouri regulators have provided annual report since 1870
Jefferson City, Mo. - The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) recently released its 2013 Annual Report. The department's annual report, which is available online, is fully interactive, offering links, charts and other illustrations of data and trends in the regulation of insurance, banking and other industries.
"In 2013, our department continued its core mission of protecting consumers, ensuring a competitive marketplace, promoting transparency and enhancing state based regulation," said John M. Huff, director of Missouri DIFP.
Among the department's accomplishments of 2013:
- Recovered $16.1 million for Missouri insurance consumers through its consumer complaint mediation process.
- Offered free online copies of policies sold by a number of insurance companies in Missouri to help consumers make better homeowner and auto insurance purchasing choices.
- Protected Missouri patients by restricting a Jefferson City cardiologist from practicing invasive and interventional cardiology after an investigation found the cardiologist engaging in practices that were negligent and harmful to patients.
- Implemented House Bill 133, allowing the department to certify foreign reinsurers based on a financial security rating.
- Earned reaccreditation by the National Association of Insurance Commissioners, marking 20 years of accreditation for Missouri. The Division of Finance was also reaccredited by the Conference of State Based Supervisors.
Director Huff is a proponent of modernizing regulation by leveraging technology. In 2013, the department helped implement legislation that allows consumers the choice of providing proof of auto liability insurance on their smartphone or portable electronic device. The Division of Professional Registration began updating its licensure system for the first time in 14 years. Once complete, the new system will allow licensees to submit applications, complaints, renewals and documents online. Other technology advancement by DIFP include online licensing and renewals for insurance producers, an online consumer complaint system and electronic filing of forms by insurance companies.
The report is available on the department's website at 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.