New York Earns Accreditation by Insurance Commissioners’ Group

The New York State Insurance Department has been accredited under the National Association of Insurance Commissioners’ (NAIC) Financial Regulations Standards and Accreditation Program.

“State insurance regulators share a common commitment to policyholder protection through solvency regulation,” said New York Insurance Superintendent James J. Wrynn. “New York’s decision to seek accreditation underlines that commitment.”

Accredited insurance departments are required to undergo a comprehensive review by an independent review team every five years to ensure 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, and that they have the necessary resources to carry out that authority.

“The accreditation program is the cornerstone of solvency regulation, and it helps keep us accountable to one another,” said New Hampshire Insurance Commissioner Roger Sevigny, who is also president of NAIC. “By obtaining accreditation, New York has demonstrated its continued commitment to the NAIC and state-based financial solvency regulation.”

Source: NYSID

Topics New York Legislation