The Maryland Insurance Administration received an accreditation award under the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation Program at the 2004 NAIC fall meeting in Anchorage.
“As we continue to work on achieving the goals we have set out for this year, it is extremely satisfying to know this program is providing a solid backbone of solvency surveillance in our modernization efforts,” said Joel Ario, NAIC secretary-treasurer and Oregon insurance administrator. “This program is a symbol of our success as state regulators in holding companies accountable to consumers and maintain strict solvency standards.”
Accredited insurance departments are required to undergo a review every five years by an independent review team to ensure they continue to meet baseline standards. The accreditation standards require that insurance departments have adequate statutory and administrative authority to regulate an insurer’s corporate and financial affairs, and that they have the necessary resources to carry out that authority.
Forty-nine states and the District of Columbia continue to be accredited.
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