Expanded Insurance Department Takes on New Duties

Missouri state government has a new department. Actually, it’s an old department with a new name and added responsibilities. The Department of Insurance has become the Department of Insurance, Financial Institutions and Professional Registration. The Department’s Emily Kampeter says the new department comes into being as a result of the transfer of several Divisions. Kampeter says the new department structure will allow for better development of regulatory reforms in tackling problems in title insurance, for example. She says this type of insurance is tightly interwoven with the banking and real estate industries. The new department stems from the transfer of the Divisions of Finance, Credit Unions and Professional Registration from the Department of Economic Development to the Department of Insurance. The transition culminates a process begun with the signing of an executive order by Governor Blunt on February 1st.