Missouri Gov. Bob Holden has nominated former state Rep. Scott B. Lakin as director of the Missouri Department of Insurance. Lakin, an insurance agent who represented the northern suburbs of Kansas City in Clay County, now awaits the Senate confirmation process, which should begin next week.
Lakin, 43, served from 1993 to 2001 in the Missouri House and opted to run for state treasurer last year rather than re-election. Gov. Holden, who took office in January, cited Lakin’s background in “performance-based budgeting” and “expertise in insurance issues” in announcing the appointment.
Lakin was the principal House sponsor of the late Gov. Mel Carnahan’s proposals to expand health insurance for children, which eventually resulted in extending coverage to more than 90,000 youngsters in Missouri’s MC+ for Kids program since 1998. He also chaired the House Appropriations Committee on Education and Public Safety from 1997 until he departed, headed the appropriations panel on social services and corrections in 1997 and served on the overall House Budget Committee since 1995.
At the news conference announcing the appointment, Lakin told reporters that he expected MDI to “continue as a strong advocate for consumer protection” during his tenure and “promote the industry” as a major contributor to Missouri’s economy. For its size, Missouri has one of the largest concentrations of domestic insurance companies in the country.
Lakin would replace attorney Keith Wenzel, who had headed MDI since May 1999. However, Wenzel has agreed to remain with the department as deputy director with responsibility for receiverships and rehabilitations.
Although a court supervises Transit Casualty Co. in Receivership—the world’s largest insurance insolvency—MDI is the statutory receiver and could take on more responsibilities as that operation prepares to close in 2002. MDI also is in charge of the General American Mutual Holding Co. rehabilitation, which by 2003 will divide more than $1.2 billion in sales proceeds and investment income among former policyholder-owners of General American Life Insurance Co. of St. Louis. The mutual holding company last year sold all its assets, including the large life insurer, to MetLife.
Topics Missouri
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