Four states were awarded second-round accreditation certificates today under the National Association of Insurance Commissioners’ Financial Regulation Standards and Accreditation Program.
“We congratulate Superintendent Don Letherer (New Mexico), Commissioner Anne Pope (Tennessee), Commissioner Karen Suter (New Jersey), Commissioner Elizabeth Costle (Vermont) and all their staffs for a job well done. It is because of such dedicated regulators that solvency regulation continually improves,” said NAIC President and Kentucky Insurance Commissioner George Nichols III.
The accreditation program requires accredited state insurance departments to undergo a top-to-bottom review every five years to assure they still meet the baseline standards. Following an analysis of the program by NAIC members and other interested parties, the membership adopted a revised set of Second Round Accreditation Standards that continue to emphasize the membership’s commitment to strong financial regulation programs within the state insurance departments. The standards are considered more flexible and focus on critical solvency issues.
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