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Insurance History
Missourians should live their lives and pursue their dreams safe from
fear of an unaffordable loss. Any individual who takes reasonable steps
to minimize the chance of financial loss should be able to purchase quality
insurance at a reasonable cost and receive equitable settlement of claims.
The mission of the Missouri Department of Insurance is to promote
effective competition and to regulate where necessary so that consumers
can make informed insurance purchasing decisions based on price and quality.
To accomplish that mission, the department strives to ensure that:
- Consumers get the benefits for which they paid.
- Insurance professionals are competent and trustworthy.
- Consumers have access to affordable and suitable coverage.
- Insurance companies remain financially solvent so that customers get
their claim paid.
Insurace was created by the Missouri legislature on March 4, 1869 to regulate
the insurance industry. At that time, 171 insurance companies operated
in the state with 51 domiciled here.
By the end of 2002, the insurance industry in Missouri had grown to 1,838
licensed insurance companies, and 262 were domiciled here (organized under
Missouri law). The state also licensed 11,146 agencies, and 101,167 "producers" (formerly
agents and brokers).
The department was a division within the Missouri Department of Economic
Development before June 30, 1991. The department then became a Cabinet-level
agency based on a constitutional amendment passed by voters on Aug. 7,
1990.
Insurance Outcome Measures for objectives in the strategic plan
Percentage of Missourians vs. nationwide residents under 65 with health insurance
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| U.S. |
81.7 |
81.6 |
82.5 |
84.2 |
83.5 |
TBD |
| MO |
85.3 |
87.9 |
90.4 |
88.0 |
88.4 |
TBD |
Amount recovered for consumers over disputed claims and benefits through consumer
services
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Amount |
$5.6 million |
$6.6 million |
$8.8 million |
$7.4 million |
$12.6 million |
$10.5 million |
Amount of fines assessed to insurance companies for legal violations
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Fines Assessed |
$474,728 |
$775,815 |
$560,745 |
$662,995 |
$690,716 |
$1,041,359 |
Amount recovered for seniors through CLAIM senior health insurance counseling
program
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Recoveries |
$388,276 |
$363,433 |
$330,202 |
$1,061,152 |
$1,474,652 |
$991,192 |
Amount recovered for consumers through market conduct exams
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Recoveries |
$1,624,168 |
$1,373,620 |
$317,236 |
$99,827 |
$239,627 |
$281,521 |
Insurance employee turnover rate
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Turnover Rate |
23.5% |
17.6% |
8.0% |
11.9% |
7.1% |
7.9% |
Percentage of employees earning at least $40,000 identified as minority
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Percentage |
12.5% |
10.5% |
13.1% |
8.1% |
9.3% |
10.53% |
Percentage of employees earning at least $40,000 identified as female.
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Percentage |
31.3% |
42.1% |
36.7% |
30.2% |
26.2% |
38.6% |
Percentage of Insurance purchases from minority owned businesses
| Outcome Measures |
1997 |
1998 |
1999 |
2000 |
2001 |
2002 |
| Percentage |
2.0% |
7.4% |
7.2% |
10.3% |
35.8% |
61.76% |
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