Your State Government's Oversight of Health Insurance in Missouri
The State Government of Missouri is responsible for developing and overseeing insurance regulations for the state. In fulfilling this goal, the State Government will generally work to balance consumer rights within a business environment that supports strong economic growth. In the area of health care insurance, the State Government serves three major constituents: consumers, insurance providers, and licensed brokers.
The State Government's main element of control for assuring a legitimate health insurance market involves the licensing and oversight of insurance companies and insurance brokers. For insurance companies, the State Government develops minimum requirements for health insurance products and performs periodic financial statement reviews, to assure that taxation requirements are satisfied. For independent insurance brokers, the Government establishes professional licensing qualifications, manages license testing and license issuance for brokers, oversees continuing education requirements, and performs collections on broker license fees. The State Government is also in charge of investigating insurance-related fraud, especially as it affects consumers or when harmful to the local business environment.
For consumers, the State Government provides public information guidelines to help residents find their best insurance options. The State Government also helps consumers file appeals with their health insurance company when a dispute arises over the insurance policy coverage. Finally, the State Government is charged with administering the State's Medicare program where Federally funded health insurance is offered to low income families, children who do not have health insurance, senior citizens, or the self-employed.