October 16, 2014
Missouri Department of Insurance's Regulatory Summit highlights transparency for industry and consumers
Event is sellout with more than 300 attendees
Jefferson City, Mo. - The Missouri Department of Insurance hosted more than 300 insurance professionals at the second Director's Regulatory Summit on Wednesday in St. Louis. The Summit allowed representatives of Missouri's insurance industry to meet state regulators and discuss best practices for compliance with state insurance laws and regulations.
The Summit featured breakout sessions and roundtable discussions with consumer advocates and department leadership. The daylong conference also gave industry representatives an opportunity to speak directly to their regulators.
"In hosting events like the Summit, we continue to bridge the gap between regulators and the insurance industry by fostering the opportunity for an open dialogue on emerging issues and trends," said John M. Huff, director of the Department of Insurance.
Huff highlighted the growth of Missouri's insurance marketplace during his address. He said Missouri ranks 18th in the country with $34.3 billion in annual, written premium. Huff added while most lines of insurance have seen strong and sustainable growth, earthquake coverage is a growing concern. The market for accessible and affordable earthquake coverage along the New Madrid fault in Missouri has contracted.
Veteran regulators from the Consumer Affairs, Market Regulation and Company Regulation divisions covered several topics, including:
- The gateway to successful life and health filings.
- Introduction to consumer services.
- The future of financial regulation.
- The gateway to successful property and casualty filings.
- Investigations and fraud.
- Why Missouri is a great place for reinsurance.
- How to navigate through the market conduct frontier.
- Consumer outreach and communication efforts.
- Company admissions and financial filings.
General sessions also were held on "Understanding Today's Insurance Consumer: The Voice of the Consumer," "The Power of One: How Consumer Complaints Drive Regulatory Actions," and a department leadership roundtable that focused on emerging insurance trends and hot issues. Dr. Adrian Lund delivered the keynote address on the effects of distracted driving. He is president of the Insurance Institute for Highway Safety and its affiliate, the Highway Loss Data Institute.