The National Association of Insurance Commissioners (NAIC) has voted to re-accredit the Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) for a full five years.
This is the highest recommendation level from the NAIC’s Financial Regulation Standards and Accreditation (F) Committee. It certifies the DIFP is meeting a standard that ensures all other states can rely on the department’s work and demonstrates our statutory and administrative authority to regulate an insurer’s corporate and financial affairs.
A system of effective solvency regulation provides crucial safeguards for insurance consumers as consumers benefit when the insurance industry is strong enough financially to be able to pay and settle claims in a timely manner.
The accreditation program also allows for inter-state cooperation and reduces regulatory redundancies. All accredited states require financial examinations on all companies that are licensed in the state; however, in lieu of performing its own examination, a state may accept the examination report prepared by an accredited insurance department.
Source: The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP)