Missouri Insurance Industry – Governance, Risk and Compliance

The Missouri insurance market report provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. It gives insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

What are the market dynamics of the Missouri insurance industry?

The Missouri Department of Commerce and Insurance (DCI) regulates the insurance industry, banks, credit unions, various other professional licensees and utilities operating in the state. The DCI is organized into the director’s office and other nine divisions which are Insurance Consumer Affairs Division, Insurance Market Regulation Division, Insurance Company Regulation Division, Administration Division, Division of Credit Unions, Division of Finance, Division of Professional Registration, Public Service Commission, and Office of the Public Counsel. The key piece of legislation governing the insurance industry in Missouri is the Missouri Code of State Regulations.

What are the key types of licenses issued in the Missouri insurance industry?

The DCI will issue various types of insurance licenses in Missouri, such as life insurance, life, variable contract insurance, accident and health insurance, general casualty insurance, property insurance, personal lines insurance, title insurance, restricted to credit insurance, restricted to travel insurance, and crop insurance.

Missouri insurance industry, by license type

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Which other key bodies oversee the Missouri insurance industry?

The key associations that oversee the Missouri insurance industry are the International Association of Insurance Supervisors (IAIS), National Association of Insurance Commissioners (NAIC), Federal Insurance Office (FIO), American Property Casualty Insurance Association (APCIA), National Association of Mutual Insurance Companies (NAMIC), and Reinsurance Association of America (RAA).

International Association of Insurance Supervisors (IAIS)

The IAIS, is a membership-driven global organization that represents insurance regulators and supervisors of more than 200 jurisdictions in more than 140 countries. The association also includes 135 observers representing industry associations, professional associations, insurers, reinsurers, consultants and international financial institutions. The primary objectives of the IAIS are to promote an effective and globally consistent supervision of the insurance industry. This develops and maintains fair, safe and stable insurance industries for the benefit and protection of policy holders.

National Association of Insurance Commissioners (NAIC)

The NAIC is a voluntary association created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five US territories. It was created to address the need to coordinate the regulation of multistate insurers. With the help of the NAIC, state insurance regulators conduct peer reviews, establish standards and best practices, and coordinate their regulatory oversight. The main aim of the NAIC is to assist state insurance regulators in serving the public interest and achieving fundamental insurance regulatory goals.

Federal Insurance Office (FIO)

The FIO is headed by a director, appointed by the Secretary of the Treasury. The body plays an important role in the insurance industry by providing expertise and advice to the Treasury Department and other US federal agencies. It works closely with the NAIC to engage in international discussions with US insurance regulators, and to serve as an information source for the federal government.

American Property Casualty Insurance Association (APCIA)

The APCIA was established in 2019 as a result of the merger of the American Insurance Association (AIA) with the Property Casualty Insurance Association of America (PCI). The APCIA promotes and provides a healthy competitive insurance industry for the benefit of consumers and insurers. The APCIA’s objective is to coordinate between states and at the federal and international levels, reauthorizing the terrorism risk insurance act, improvising guidelines to protect against natural disaster losses, enhancing technology and insurance innovations, protect the consumer and help to create the largest, most competitive and financially sound insurance market in the world.

National Association of Mutual Insurance Companies (NAMIC)

NAMIC is a property and casualty insurance trade association representing mutual insurance companies in the US and Canada. In addition to mutual insurers, NAMIC members include stock insurance companies, reinsurance companies and industry vendor companies. The NAMIC’s objective is to provide leadership in advocacy, public policy, public affairs, and member support services.

Reinsurance Association of America (RAA)

RAA is a trade association representing property and casualty reinsurers operating in the US. The RAA’s objective is to promote a globally competitive and financially robust regulatory environment that ensures healthy business for reinsurers. Moreover, the RAA is engaged in legislative and legal affairs besides providing financial data on the industry. It also conducts reinsurance-specific education throughout the country.

Missouri insurance industry, by key bodies

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Market report scope

This report provides detailed analysis of:

• The insurance regulatory framework in Missouri.
• The rules and regulations governing insurance products and insurance entities.
• Key trends and developments pertaining to the state’s insurance regulatory framework.
• Rules and regulations pertaining to the establishment and operation of insurance businesses in the state.
• Taxation imposed on insurance products and insurance companies.

Reasons to Buy

• Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
• Gain insights into the insurance regulatory framework in Missouri.
• Track the latest regulatory changes and expected changes impacting the Missourian insurance industry.
• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the state.
• Understand key regulations and market practices pertaining to various types of insurance product.