New state insurance department debuts

The department was formed from the transfer of the Department of Economic Development’s Divisions of Finance, Credit Unions and Professional Registration to the state’s insurance department. Missouri Gov. Matt Blunt approved the department’s creation in February.

The department is responsible for consumer protection through regulation of financial industries and professionals.

“Before reorganizing, we all worked to license qualified professionals, to ensure financial solvency of commercial institutions and to protect consumers through proper regulation and education,” said Dale Finke, director of the new department, in a news release. “DIFP allows us to provide a more coherent and comprehensive approach to these tasks for better coordination of government.”

Seven divisions comprise the new department: Consumer Affairs; Insurance Solvency and Company Regulation; Insurance Market Regulation; Resource Administration; Finance; Credit Unions; and Professional Registration.

Finke said the department already is seeing the benefits of the new setup, particularly in its ability to reform title insurance.