December 11, 2012
Summit hosted by Missouri Department of Insurance provides learning experience for industry
Insurance agents and company officials learn best practices for compliance
Jefferson City, Mo. - The Missouri Department of Insurance recently hosted more than 250 insurance professionals at the first-ever Director's Regulatory Summit at the University of Missouri in Columbia.
The summit was an opportunity for representatives of Missouri's insurance industry to meet with state regulators and learn the best practices for compliance with state laws and regulations and providing a competitive market for Missouri consumers. It included breakout sessions and a roundtable with the department's division directors. The daylong conference also gave industry representatives an opportunity to speak directly to their regulators at length.
"The Director's Regulatory Summit offered a valuable chance for the industry to engage with regulators to better understand our state's insurance laws," said John M. Huff, director of the Missouri Department of Insurance. "A well-informed and compliant industry can go a long way toward protecting consumers, our department's top priority."
Two state representatives began the event with a morning greeting. Both work in the insurance industry and are legislative leaders on insurance issues.
During the opening session, Huff highlighted some of the department's achievements such as record highs in consumer recoveries and using technology for more efficient operations. He touched on legislation over the past four years that has reshaped the insurance market in Missouri. He commended the industry for its rapid response to Missouri consumers after the Joplin tornado in 2011, citing that $1 billion claims were paid in 100 days. He noted that the event is by far the largest insurance event in Missouri history, with claim payments expected to top $2 billion.
At the breakout sessions, veteran regulators presented on agent licensing, agent investigations, surplus lines requirements for agents, financial exams, financial filings, the consumer complaint process and separate form filing sessions for property & casualty and life & health. A product specialist from the National Association of Insurance Commissioners (NAIC) presented a portion of the form filing sessions, since companies use Web-based filing systems provided by NAIC.
The event ended with a general session on market conduct, including Missouri's process on exams and investigations. The department encouraged insurance carriers to self-report when areas of operations need to be brought into compliance.
Materials from the event, including all Powerpoint presentations, are available at insurance.mo.gov/summit.
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.