Missouri – Dale Finke

Dale Finke, who recently retired, led the Missouri Department of Insurance, Financial Institutions and Professional Registration with honor during a time of transition, Gov. Matt Blunt said.

Finke led the department over the last two years. During his tenure the governor ordered a consolidation of the Department of Insurance with the Department of Economic Development’s Divisions of Finance, Credit Unions, State Banking Board and Professional Registration. The governor credited Finke with the project and praised the efficiency of the new structure.

In his interview with Insurance Journal, former Director Finke said that earthquake insurance affordability continues to be a grave concern since Missouri sits directly on the New Madrid fault line.

The director expressed concern that the public is not buying the coverage and companies are not adequately reserving. He said the line is profitable only because there has been no event and that could foster a false sense of security.

Finke says contingent commissions for agents should be allowed and agents should be compensated fairly. “Agents are the backbone of the industry,” he said.

He also said that Missouri hopes to pursue a regulatory modernization rating bill in the 2007 session, adding that the proposal failed last year.