Missouri revamps divisional organization for efficiency

The state on Aug. 28 unveiled the Missouri Department of Insurance, Financial Institutions and Professional Registration. The new department, ordered by Gov. Matt Blunt in February, is a combination of the Department of Insurance and the DED’s divisions of finance, credit unions and professional registration.

The resulting department has seven divisions: Consumer Affairs, Insurance Solvency and Company Regulation, Insurance Market Regulation, Resource Administration, Finance, Credit Unions and Professional Registration.

Under one roof

Though its name is longer and seemingly more complicated, the department’s Public Information Administrator Emily Kampeter says overall operations are simplified. All related regulatory bodies are now grouped under one roof, which allows the DED to focus on its mission of improving the economy instead of enforcing rules.

The new department also brings the insurance, financial services and real estate industries together at the state level. The move was logical, according to department Deputy Director Doug Ommen, because insurance is involved in a number of other aspects of government.

Ommen said the restructured department is the result of a shifting market, where consumers are looking for one place where they can address issues in multiple industries.

But creating that one-stop shop for consumers is only possible if there’s communication between each industry, Kampeter said, noting that there are efforts to bring together representatives from the different fields to address issues that concern all of them.

“Each of the divisions and our department will continue to perform the same functions,” she said. “Now we will be able to do it together and make our efforts more cohesive.”

That improved communication is aimed at benefiting not only consumers, but small businesses, as well.

Business owners now have one place to call for answers to their regulatory questions, Kampeter said, and they’ll have an increased awareness of their roles with other businesses.

Already, the title insurance industry has begun to reap the benefits of the new department, Ommen said. Title insurance had always been assigned to the Department of Insurance, even though title insurance also involves financial and real estate matters. Under the new department, title insurance can be dealt with more effectively by involving all related parties, Ommen said.

“We are very alert to the impact that government can have both positively and negatively on small business,” he said. “Consumers benefit from rapid business growth, so we want to do everything that we can to encourage that.”