Four state insurance departments received Accreditation Awards today as part of the National Association of Insurance Commissioners (NAIC) Financial Regulation Standards and Accreditation Program.
NAIC President and Alabama Insurance Commissioner Walter Bell presented the honor to the Colorado Division of Insurance, the Minnesota Department of Commerce, the North Dakota Department of Insurance and the Virginia Bureau of Insurance during the Opening Session of the NAIC’s 2007 Summer National Meeting at the San Francisco Marriott.
“A system of effective regulation provides crucial safeguards for America’s insurance consumers,” Bell said. “The NAIC works to ensure that our Members are held to high accreditation standards in order to provide consumer protection and promote a competitive insurance marketplace within each state. The regulatory environments in Colorado, Minnesota, North Dakota and Virginia, as proven through this accreditation process, are capable of providing sound, effective state–based supervision for insurance consumers and the industry in their respective states.”
Accredited insurance departments are required to undergo a comprehensive review by an independent review team every five years to ensure the departments continue to meet baseline financial solvency oversight standards. The accreditation standards require state insurance departments to have adequate statutory and administrative authority to regulate an insurer’s corporate and financial affairs, as well as the necessary resources to carry out that authority.
With today’s presentation, 49 states and the District of Columbia continue to be accredited by the NAIC.
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: http://www.naic.org/press_home.htm.