Missouri Department of Commerce and Insurance receives "excellent" rating in new report released by Auditor Fitzpatrick
10/28/2024 - Jefferson City, Mo.
State Auditor Scott Fitzpatrick today released an audit of the Department of Commerce and Insurance - Insurance (DCI - Insurance). The DCI - Insurance regulates the insurance industry in Missouri through enforcement of state laws.
The audit focused on evaluating the department's internal controls over significant management and financial functions of the Insurance Dedicated Fund, the Insurance Examiners' Fund, and taxes certified or collected under Sections 148.310 to 148.461, RSMo (foreign and domestic insurance premium taxes), and Sections 384.011 to 384.071, RSMo (surplus lines premium taxes). The audit also assessed the economy and efficiency of certain management practices and procedures, including certain financial transactions of the Insurance Dedicated Fund and Insurance Examiners' Fund, and the department's compliance with certain legal provisions.
The audit identified no findings and gave a rating of "excellent," the highest possible. The previous audit of DCI - Insurance, released in 2023, also identified no findings and gave the same rating.
A copy of the audit can be found here.
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