May 13, 2015
Chief Insurance Regulator Huff welcomes Western Region Captive Insurance Conference to St. Louis
Huff serves as featured panelist for industry town hall meeting
Jefferson City, Mo. - Missouri Department of Insurance Director John M. Huff welcomed the captive industry to St. Louis for the Western Region Captive Insurance Conference. The event was co-hosted by the Missouri, Arizona and Utah Captive Associations. The conference was held in St. Louis this week and included over 200 attendees.
Huff helped lead a town hall discussion today about the latest news and regulations currently in place with the National Association of Insurance Commissioners (NAIC). Huff is the President-Elect of the NAIC and also chairs the NAIC Financial Regulation Standards and Accreditation (F) Committee.
Captives are essentially a form of self-insurance, typically established to meet the risk-management needs of the business owner in conjunction with traditional forms of insurance protection. Missouri is a leading state in the creation, management and regulation of captives to support the business community.
"Missouri is a leading captive state and we are supportive of the growth of this industry in our state to address the evolving risk-management needs of the business community," Huff said.
Missouri currently has 49 captive licenses issued and 47 active captives. In 2014, captives generated $2 million in premium taxes and fees for the state.