Audit Of Missouri Department Of Insurance
From a press release...
State Auditor Tom Schweich released the audit of insurance department of the Missouri Department of Insurance, Financial Institutions and Professional Registration
In the areas audited, the overall performance of this entity was Good.
Missouri is one of only five states which allow insurance companies to receive tax credits for examination costs, thereby shifting a significant portion of examination costs from insurance companies to the state General Revenue Fund. During the 10 years ended Dec. 30, 2011, examination credits of over $25.9 million were redeemed.
In fiscal years 2010 and 2011, the division paid more than $23,000 for 70 flights of the governor's office, only eight of which included department personnel. In addition, approximately $5,000 was paid from the Insurance Dedicated Fund toward the salaries of governor's office staff physically located in and supervised by the governor's office and performing duties related to programs and functions of that office.
The Insurance Consumer Affairs Division does not have adequate policies and procedures in place to ensure complaints received are investigated and resolved in a timely manner. Of the 1,123 agent investigation cases open as of June 30, 2012, 502 had been opened since June 30, 2010, and some dated back to as early as 2005.
To view the complete report, Citizens Summary and audit rating scale, visit:
http://www.auditor.mo.gov/
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