November 09, 2015
Missouri Department of Insurance hosting international regulator from China
Department welcomes 13th international fellow
Jefferson City, Mo. - A deputy director, who oversees the regulation of insurance producers from the China Insurance Regulatory Commission (CIRC), is spending five weeks with the Missouri Department of Insurance. Dr. Tao Yan arrived in Jefferson City on Oct. 24 through the National Association of Insurance Commissioners' International Fellows Program.
Yan helps lead the Intermediaries Regulatory Department of CIRC that regulates insurance sales staff In China. He obtained a Ph.D. in economics from the School of Economics at Renmin University of China, which is one of the leading universities in China. Prior to joining the CIRC, Yan was employed at the Agricultural Bank of China.
"My time with the department has allowed me to gain a first-hand perspective how insurance producers are regulated in Missouri and the U.S.," said Yan. "It also gave me the opportunity to learn about the U.S. system of state-based insurance regulation."
He has worked with each of the department's divisions, consulted with the career regulators and met with companies regulated by the department. He met with senior management from St. Louis-based RGA, which recently obtained a license to write life and health reinsurance in the People's Republic of China. Yan also visited leaders of the Missouri Association of Insurance Agents to learn about how the trade association represents independent agents. Additionally, he is meeting with senior management at Kansas City-based Lockton.
"Dr. Yan brings a strong background of international regulatory knowledge and experience to our department," said Missouri Insurance Director John M. Huff. "China continues to be a major, emerging player in the global insurance sector. Opportunities to host international regulators are an invaluable experience for our state. This experience ultimately helps us better protect Missouri consumers." Huff also serves as NAIC President-Elect and will lead the organization as its President in 2016.
Yan is the 13th regulator the department has hosted through the International Fellows Program, which is fully funded by the NAIC. Under the program, fellows participate in a weeklong orientation at the NAIC headquarters in Kansas City, Mo., focusing on the broad principles of insurance regulation in the United States. Fellows then spend five weeks at their destination state, working in technical areas of their specialization under the supervision of the insurance department.
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.