May 13, 2015
Chief Insurance Regulator Huff welcomes Western Region Captive Insurance Conference to St. Louis
Huff serves as featured panelist for industry town hall meeting
Jefferson City, Mo. - Missouri Department of Insurance Director John M. Huff welcomed the captive industry to St. Louis for the Western Region Captive Insurance Conference. The event was co-hosted by the Missouri, Arizona and Utah Captive Associations. The conference was held in St. Louis this week and included over 200 attendees.
Huff helped lead a town hall discussion today about the latest news and regulations currently in place with the National Association of Insurance Commissioners (NAIC). Huff is the President-Elect of the NAIC and also chairs the NAIC Financial Regulation Standards and Accreditation (F) Committee.
Captives are essentially a form of self-insurance, typically established to meet the risk-management needs of the business owner in conjunction with traditional forms of insurance protection. Missouri is a leading state in the creation, management and regulation of captives to support the business community.
"Missouri is a leading captive state and we are supportive of the growth of this industry in our state to address the evolving risk-management needs of the business community," Huff said.
Missouri currently has 49 captive licenses issued and 47 active captives. In 2014, captives generated $2 million in premium taxes and fees for the state.
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.