Which entity oversees the regulation of surplus lines insurance in Missouri?

The Missouri Department of Insurance, Financial Institutions and Professional Registration is the correct entity that oversees the regulation of surplus lines insurance in Missouri. This department is responsible for ensuring that insurance providers comply with state laws, protecting consumers, and maintaining a fair and competitive insurance market. It handles various aspects of insurance regulation, including licensing, policy forms, rates, and standard practices within the surplus lines insurance sector.

Surplus lines insurance refers to coverage that may not be readily available through standard insurers and often involves risks that are unique or specialized. This department plays an essential role in ensuring that surplus lines insurance operates effectively within the regulatory framework established by Missouri law. By overseeing this area, the department helps to ensure that surplus lines insurers are financially stable and that they fulfill their obligations to policyholders.

Other entities mentioned, such as the Federal Insurance Bureau, do not have direct oversight authority over state surplus lines insurance practices, while the Missouri Insurance Rating Board primarily focuses on rate-making activities rather than the broad regulatory functions of the surplus lines market.