Current through Register Vol. 49, No. 6, March 15, 2024
(1) The Department of Commerce and Insurance
("department") is organized with seven (7) divisions: Consumer Affairs
Division, Insurance Company Regulation Division, Insurance Market Regulation
Division, Division of Finance, Division of Credit Unions, Division of
Professional Registration and Administration Division.
(2) Director's Office. The director is
responsible for the oversight of the department and serves as the insurance
commissioner in the National Association of Insurance Commissioners (NAIC). The
director may appoint a deputy director and may delegate various administrative
responsibilities to the deputy director. The administrative responsibilities of
the director may also be delegated to the Administration Division. The director
may appoint a general counsel, who manages attorneys who may serve in the
general counsel's office or legal section, or may be assigned on a full-time
basis to a particular division. The general counsel and the department's
attorneys are available for daily consultation with the director and other
employees. The general counsel or attorneys assist and advise the director,
division directors, and other employees in the interpretation and enforcement
of the insurance laws, represent the director in court appearances or in
hearings before the Administrative Hearing Commission concerning the discipline
or disqualification of licensed individuals, and represent the director or
division directors in administrative, regulatory, or enforcement actions before
the director.
(3) Divisions. The
director administers the regulatory responsibility of the Consumer Affairs
Division, the Insurance Company Regulation Division, and the Insurance Market
Regulation Division, but has delegated some statutory powers and functions to
division directors of those three (3) divisions. The Division of Finance, the
Division of Credit Unions and the Division of Professional Registration are
state agencies assigned to the department by Type III transfer, and maintain
statutory autonomy. All seven (7) divisions are managed by division directors:
(A) Director of Consumer Affairs. Insurance
complaints or inquiries about policy coverage, unpaid claims, refusals of
insurance, the meaning of policy language and any other questions or complaints
arising from the treatment of the consumer by an insurance company or insurance
producer should be directed to the Consumer Affairs Division. A toll-free
insurance consumer hotline is also maintained by the division: (800) 726-7390.
The director of consumer affairs manages the following regulatory functions:
1. Consumer services. The consumer services
section receives and investigates complaints and inquiries relating to
insurance companies authorized to do business by the Insurance Company
Regulation Division; and
2.
Investigations. The investigations section investigates complaints against
licensed insurance producers, bail bond agents, public adjusters and other
licensees and persons;
(B) Director of Insurance Market Regulation.
The director of insurance market regulation manages the following regulatory
functions:
1. Market conduct. The market
conduct section reviews company operations, including those of third-party
administrators, utilization review agents, and others as provided by law, in
the areas of marketing and sales, underwriting and rating, claims handling, and
general policyholder services. The market conduct section utilizes the
continuum, a regulatory framework that identifies, assesses, and prioritizes
insurance issues that have a substantial adverse impact on consumers,
policyholders, claimants, and on the insurance market in general. Market
conduct actions within the continuum substantiate issues identified through
market analysis or complaints received by the Consumer Affairs Division. The
section uses a variety of actions and processes to remedy violations of law or
regulations;
2. Life and health.
The life and health section reviews and approves all insurance policy contracts
and supplemental forms filed by insurance companies before they may be offered
to the Missouri insurance-buying public. The section also reviews rates for all
health insurance products in all market segments except large group;
3. Property and casualty. The property and
casualty section reviews and files submissions by insurance companies, rating
organizations, syndicates, pools, and joint underwriting associations. These
submissions consist of policy contracts and supplemental forms, various
reports, and other filings concerning the insurance of automobile, fire, and
allied lines, homeowners, farm owners, inland marine, casualty, surety,
commercial multiperil, title, and workers' compensation. The filings also
involve reporting major changes, coverage or rates to the division. This
section also approves workers' compensation policies, endorsements,
classifications, rates, and ratemaking plans; and
4. Statistics. The statistics section is
responsible for compiling and evaluating statistical data. Statistics also
develops historical, local, regional, and national statistical analysis of
trends and variation in insurance claim incidence or other factors such as loss
development factors related to insurance rate development;
(C) Director of Insurance Company Regulation.
The director of insurance company regulation manages the following regulatory
functions:
1. Financial examination. The
division is responsible for examining the financial condition and affairs of
Missouri insurance companies. It also participates in examinations of insurance
companies domiciled in other states and doing business in Missouri;
2. Tax. The division certifies for collection
all premium taxes due the state in the admitted insurance market, self-insured
market, and the surplus lines insurance market, and examines surplus lines
brokers;
3. Company admissions. The
division receives and reviews applications for licensing in Missouri of all
foreign insurance companies, redomestication of foreign insurances companies to
Missouri, and newly-formed domestic insurance companies. Third-party
administrators and other insurance-related entities are also licensed by the
division;
4. Financial analysis.
The division receives and reviews financial statements, including the annual
statement, a detailed accounting of pertinent financial data of each insurance
company authorized to do business in Missouri. The division also receives and
reviews holding company and other financial and corporate governance
filings;
5. Security deposits. The
division supervises security deposits, withdrawals, and replacements for both
domestic and foreign insurers;
6.
Reinsurance. The division receives and reviews applications for licensing in
Missouri of all reinsurance companies, as well as reinsurance intermediaries,
and reviews and examines reinsurance transactions;
7. Mergers and acquisitions. The division
reviews proposed mergers and acquisitions on behalf of the department director,
and acts as a party in all merger and acquisition proceedings; and
8. Captives. The division receives and
reviews applications for licensing in Missouri of captive insurance companies,
conducts financial analysis and examinations of captive insurance companies,
and certifies for collection captive premium taxes due the state;
(D) Director of Administration. In
addition to assisting the department director in administrative
responsibilities, the director of administration manages the following
regulatory functions:
1. Insurance licensing.
The insurance licensing section is responsible for licensing of insurance
producers, bail bond and surety recovery agents, public adjusters and public
adjuster solicitors, surplus lines producers, motor vehicle extended service
contract producers, portable electronics insurance producers, and navigators;
and
2. Regulatory services. The
regulatory services section is responsible for the licensing of self-service
storage producers and utilization review agents. The regulatory services
section also reviews and approves applications, contracts, and policies for
motor vehicle extended service contract providers, service contract providers,
rating organizations, advisory organizations, purchasing groups, life care
providers, and vehicle protection product warrantors;
(E) Director of Finance. The director of
finance manages regulatory functions over banks and trust companies, consumer
credit companies, mortgage brokers, and savings and loan associations. The
director continues to serve under the customary title of commissioner of
finance. The organization of the Division of Finance is found at rule
20 CSR
1140-1.010;
(F) Director of Credit Unions. The director
of credit unions manages regulatory functions over credit unions. The
organization of the Division of Credit Unions is found at rule
20 CSR
1100-1.010; and
(G) Director of Professional Registration.
The director of professional registration manages the permanent staff employed
to assist regulatory boards and commissions, which possess the statutory powers
and duties to license qualified professions. The organization of the Division
of Professional Registration is found at rule
20 CSR
2231-1.010.
*Original authority: 374.045, RSMo 1967, amended 1993,
1995, 2008 and 536.023, RSMo 1975, amended 1976, 1997,
2004.
