From reinsurance to regulation, Missouri Commissioner’s broad experience drives focus on consumer protection
John Huff (Director, Missouri Department of Insurance, Financial Institutions and Professional Registration) welcomes attendees to the 2009 Exchange and sets the tone for the event.
After several years working for Swiss Re as managing director, strategic claim officer and finally as global head of key case management for the huge reinsurer, John Huff developed an impressive resume in the area of dispute resolution. Good thing too, because when he returned home to take on the role of Director, Missouri Department of Insurance, Financial Institutions and Professional Registration, he arrived just in time for one of the most unsettled, eventful and frankly exciting periods in the history of the business. And it happens to be a time when knowing how to handle disputes is a valuable skill indeed.
Appointed to his current position in February 2009, Huff leads a team totally committed to consumer protection. His department oversees a variety of aspects of the financial services markets in Missouri, being the chief regulatory body for insurance companies, banks, credit unions and professional licenses. On the insurance side, Missouri is the 18th largest market in the country in terms of premium volume, and is one of the most vibrant and dynamic markets in the U.S.
Increasingly, technology is playing a larger role in the accomplishment of that mission, noted Huff, with the introduction of new systems and applications geared to the enhancement and effective delivery of the department’s mission.
A time of great change
“This is a time of great change and technical advancement for our department,” Huff said. “It’s also a truly an exciting time of change for the insurance industry. It used to be that when my wife and I went to parties or social events, she never wanted me to talk about insurance. Too boring. But at the pace things are changing in this business, and the importance of those changes in people’s lives, she has lifted that prohibition, for the time being anyway.”
Huff noted that a good deal of confusion still exists in the minds of many about the state of the insurance markets following the financial meltdown of a year ago. State regulators have a role to play in clearing up some of the confusion.
“For example, a lot of people keep pointing their fingers at AIG, suggesting that since it is largely known as an insurance company, it was the insurance side of the business that got them into trouble,” Huff said. “We all know that this was not the case. It was the financial products division that got them off kilter. The insurance businesses were and are sound, which is what a lot of state regulators have been careful to point out.”
Huff noted that during his brief time as a regulator, he has gained new respect for the current state-based regulatory system in the U.S.
“Is the state-based system the most efficient and cost effective?” he asked. “Probably not, but there are some real benefits of the kind of peer review and healthy tension between states that characterizes the current system.
“It’s healthy to be able to sit down across the table from a fellow regulator and be brutally honest when asking what’s going on with one of the companies based in his or her state,” Huff remarked. “It gives us all a chance to be constructively critical and to get a much better understanding of what’s happening in a business that is changing so fast that sometimes it’s hard even for a professional regulator to keep up.”
Contact Info:
John M. Huff
Director
MO Dept. of Insurance, Financial Regulation and Professional Registration
573.751.1927
john.huff@difp.mo.gov
www.difp.mo.gov
