HB 655 -- Department of Insurance, Financial and Professional
Regulation

Sponsor:  Yates

The Governor's Executive Order 06-04 transferred all authority,
powers, duties, functions, records, personnel, property,
contracts, budgets, matters pending, and other pertinent vestiges
of the Division of Finance, State Banking Board, Division of
Credit Unions, and Division of Professional Registration from the
Department of Economic Development to the Department of Insurance
creating the Department of Insurance, Financial Institutions, and
Professional Registration.  This bill revises the laws to reflect
the change and renames the agency to the Department of Insurance,
Financial and Professional Regulation.  The bill also:

(1)  Establishes the Division of Insurance Company Regulation to
perform the functions of insurance company admissions and
financial supervision and the Division of Insurance Market
Regulation to perform the function of rate and form regulation
(Section 374.075, RSMo);

(2)  Creates the Department of Insurance, Financial and
Professional Regulation Administrative Fund to administer the
laws under the jurisdiction of the department and to provide
goods and services related to the administration of these laws
(Section 374.155); and

(3)  Requires the Division of Consumer Affairs to handle
complaints and inquiries related to insurance producers and any
other persons licensed by or registered with the department,
excluding those licensed by the divisions of Finance, Credit
Unions, or Professional Registration or any boards assigned to or
within those divisions (Section 375.085).

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am