September 08, 2016
Missouri Insurance Director Huff gives insight on emerging insurance issues during 37th Annual Central Missouri I-Day
Columbia, Mo - Missouri Department of Insurance Director John M. Huff joined Kansas Insurance Department Commissioner Ken Selzer and Arkansas Insurance Commissioner Allen Kerr to discuss cybersecurity, flood insurance, price optimization, drones, and other emerging insurance issues during a panel discussion at the 37th Annual Central Missouri CPCU I-Day.
"Insurance issues and trends extend beyond state lines. While state regulators always consider the specific consumer needs or market issues of their own state, we coordinate collaboratively through the National Association of Insurance Commissioners (NAIC)," said Missouri Department of Insurance Director Huff. "Forums like I-Day provide a real opportunity for insurance professionals and now college students to learn about these emerging issues and hear different perspectives."
The Central Missouri Chartered Property and Casualty Underwriter (CPCU) Society Chapter and the Insurance Professionals of Mid Missouri (IPMM) hosted the event where students from the Risk Management and Insurance Program (RMI) at the University of Missouri Trulaske College of Business learned from leaders in insurance regulation.
Insurance professionals listened to the commissioners open the day with a regulatory perspective on the emerging issues impacting the insurance industry today at the Reynolds Alumni Center at the University of Missouri in Columbia.
Huff gave an update on how regulators are working together at the NAIC to address alternatives to the National Flood Insurance Program (NFIP) for consumers. The NAIC is working to give consumers more options for flood insurance by clarifying language to prompt more insurers to enter the market and by working with Congress.
Additionally, insurance regulators remain focused on the issue of cybersecurity. The financial services sector, and particularly the insurance industry, is a target for cyber attacks. Panelists discussed the importance of having security standards to deter attacks and strong protections in place to help consumers protect their identities and finances should a cyber attack occur.
Commissioners also discussed the use of drones and how they can be helpful in the insurance industry. For example, drones can be used for aerial imagery that can help in pre-policy and claim investigations or when assessing the damage after a catastrophe.
Moderator and Shelter Insurance Executive Brian Waller thanked the commissioners for their insight.
The Central Missouri CPCU Society Chapter was formed in 1979 and hosted their first annual I-Day in 1980.
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.