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Overhauling Division of Insurance
Bills seek to expand agency
An increase in insurance company insolvencies and the threat of problems rivaling those in the savings and loan industry have created calls for wide-reaching insurance reform measures.
Last week, the governing body of the Independent Insurance Agents of Missouri called on the Missouri General Assembly to enact legislation expanding the funding, staffing and powers of the Missouri Division of Insurance.
The action, according to the agents' association, is necessary to ensure that Missouri consumers receive adequate protection and assistance as well as to help maintain a healthy competitive insurance marketplace in the state.
Missouri has one of the worst funded and staffed insurance regulatory agencies in the nation, said Thomas E. Bailey, president of the Independent Insurance Agents of Missouri.
"This is a condition that should not be allowed to …