Ten state departments of insurance received an Accreditation Award under the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation Program during the 2003 NAIC Winter National Meeting in Anaheim. The recipients were: Delaware, Florida, Georgia, Illinois, Louisiana, Massachusetts, Oregon, Rhode Island, Utah and Wisconsin.
Accredited insurance departments are required to undergo a comprehensive 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.
“Our accreditation standards are further proof that state insurance regulation is the most effective and efficient system for protecting consumers and ensuring a solvent marketplace nationwide,” said NAIC President and Arkansas Insurance Commissioner Mike Pickens. “These ten insurance departments, like their state counterparts, clearly understand this as they are committed to these critical endeavors.”
With this presentation, 49 states and the District of Columbia continue to be accredited.
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