Four state insurance departments recently received Accreditation Awards as part of the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation Program.
During the Opening Session of its 2007 Winter National Meeting, NAIC President and Alabama Insurance Commissioner Walter Bell bestowed the honor on Missouri Department of Insurance, Financial Institutions and Professional Registration and the Nebraska Department of Insurance. The Texas Department of Insurance; and
West Virginia Office of the Insurance Commissioner also received Accrdittion Awards.
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.
Forty-nine states and the District of Columbia continue to be accredited by the NAIC.
Source:NAIC
Topics Missouri
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