The Maryland Insurance Administration (MIA) has been given a five year accreditation from the National Association of Insurance Commissioners (NAIC) for solvency regulation.
The accreditation under the Financial Regulation Standards and Accreditation Program was awarded at the meeting of the NAIC held in National Harbor, Md., last week.
Commissioner Ralph S.Tyler welcomed the news. “It means
that we are conducting one of our primary functions of consumer protection – ensuring that companies are financially solvent – adequately, appropriately and in accordance with national standards,” he said.
“As part of the cooperative state system of insurance regulation, it is important that Maryland be accountable to our fellow regulators, as well as the consumers that we protect,” he added.
The MIA regulates Maryland’s $26 billion insurance industry, including licensing more than 110,000 producers and 1,500 insurance companies.
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