The following statement may be attributed to Mark Johnston, state affairs manager for the Midwest Region at the National Association of Mutual Insurance Companies (NAMIC). Johnston submitted testimony for the Sept. 22 hearing at the Missouri Department of Insurance, Financial Institutions and Professional Registration on a proposed amendment to the regulation governing the filing of required documents by insurers admitted in Missouri that are domiciled in other states.
“NAMIC strongly endorses the proposed amendment to Missouri’s financial statement filing regulation. It will do away with the outdated requirement that insurers domesticated in states other than Missouri file a paper copy of their annual statement with the department and the NAIC. This modernization will facilitate disclosure and reduce administrative costs, which will benefit consumers.
"The proposed amendment is also noteworthy as it demonstrates the vitality of reform within the context of state-based insurance regulation. The DIFP’s actions show that the states can achieve uniformity on important issues while maintaining their proximity to the insurance consumer and their focus on unique local aspects of the insurance market. Clearly, reform can be done without the imposing of overarching, one-size-fits-all federal regulation. The department is to be commended for implementing this best practice."
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