January 29, 2013
Missouri's leadership at NAIC continues to grow
Department regulators to lead on multiple NAIC committees, strengthen state-based insurance regulation
Jefferson City, Mo. - The Missouri Department of Insurance will continue to play a leadership role in the U.S. national system of state-based insurance regulation, with service on multiple committees for the National Association of Insurance Commissioners. The NAIC recently released its committee assignments for 2013.
Department Director John M. Huff will continue in his role as chair of the Solvency Modernization Initiative (E) Task Force, which focuses on insurance regulation. Launched in 2008, the Solvency Modernization Initiative is a critical self-examination of the United States' insurance solvency regulation framework and includes a review of international developments regarding insurance supervision, banking supervision, and international accounting standards and their potential use in U.S. insurance regulation. The SMI focuses on five key solvency areas: capital requirements, international accounting, insurance valuation, reinsurance, and group regulatory issues.
He will also continue in his roles as vice chair of the Reinsurance (E) Task Force and the NAIC/Industry Liaison Committee.
Huff's other leadership positions with the NAIC include:
- NAIC's representative on the U.S. Financial Stability Oversight Council
- Chair of the Midwest Zone
- Member of the Financial Stability (EX) Task Force
- Member of the International Insurance Relations (EX) Leadership Group
- Member of the Principles-Based Reserving Implementation (EX) Task Force
- Member of the Executive Committee and Internal Administration (EX1) Subcommittee
- Member of the Financial Condition (E) Committee
- Member of the International Insurance Relations (G) Committee
NAIC leadership makes assignments based member experience, as well as requirements established by the NAIC's Bylaws. Committee assignments are for one year.
The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.
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.