The National Association of Insurance Commissioners awarded three states with accreditation honors this week under the its Financial Standards and Accreditation Program. Indiana, Michigan and the District of Columbia were presented with the honors during the NAIC Winter National Meeting in Chicago..
Insurance departments that are accredited must undergo a comprehensive review every five years by an independent review team to ensure they continue to meet baseline standards. The standards require that insurance departments have adequate statutory and administrative authority to regulate insurance companies’ corporate and financial affairs, and that the departments have the necessary resources to carry out that authority.
With the addition of the three states, the NAIC said that now 49 states and the District of Columbia are accredited.
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