SB 164 - This act modifies various statutes to implement the Governor's executive order creating the Department of Insurance, Financial and Professional Regulation.
IMPLEMENTATION OF EXECUTIVE ORDER - The act addresses numerous statutory provisions which place duties and responsibilities on the Department of Insurance or upon the three divisions that have been transferred to the Department of Insurance, Financial and Professional Regulation by executive order. The act establishes that the department of insurance created by Missouri Constitution will operate under the name "Department of Insurance, Financial and Professional Regulation." The proposed act changes the department name to implement the executive order and makes several important structural changes within the Missouri statutes.
DIVISION OF PROFESSIONAL REGISTRATION TRANSFER AND REORGANIZATION UNDER DEPARTMENT OF INSURANCE, FINANCIAL AND PROFESSIONAL REGULATION- Under the act, the Division of Professional Registration is transferred from the Department of Economic Development in Section 620.010, RSMo, to new provisions contained in Chapter 324, RSMo. The act repeals all of the powers exercised by the division of professional registration that are found in Sections 620.105 to 620.154, RSMo, and transplants them to sections in Chapter 324 to denote that the division is no longer contained in the Department of Economic Development. Under the act, authority for either the Attorney General or the new department to provide legal services is clarified. Under the act, boards and commissions may retain legal services as authorized by law or by agreement with the Attorney General or with the director of the department, who may employ such personnel or make agreement with private counsel. The act authorizes the director of the Division of Professional Registration to establish by regulation the per diem compensation amount for all board and commission members (Section 324.005).
COMMUNITY-BASED HMO ANNUAL REPORT - Under the act, the current duty of department director to prepare an annual report on community-based HMO's in Section 374.456 is moved into the appropriate Chapter 354, RSMo, with community-based HMO provisions (Section 354.637).
DIVISION OF FINANCE AND STATE BANKING BOARD - Under the act, the Division of Finance and the State Banking Board are assigned by type III transfer to the Department of Insurance, Financial and Professional Organization. The statutes denote this change by moving references from Department of Economic Development chapter (Section 620.010) to sections in Chapter 361, RSMo.
DIVISION OF CREDIT UNIONS - Under the act, the Division of Credit Unions is assigned by by type III transfer to the Department of Insurance, Financial and Professional Regulation. The statutory references are moved from the Department of Economic Development chapter (Chapter 620) to sections contained in Chapter 370, RSMo.
ADMINISTRATIVE FUND - The act establishes the creation of an administrative fund known as the "Department of Insurance, Financial, and Professional Regulation Administrative Fund" to handle expenses allocated to various divisions with separate funding sources (Section 374.155).