The National Association of Insurance Commissioners announced that beginning in October its new Insurance Regulator Professional Designation Program will be available to state regulators.
The program, which is the first of its kind offered by the NAIC, will enable state insurance department employees from various regulatory disciplines, and with varying levels of experience, to learn valuable skills and practices by way of a structured, professional development path. Candidates who have enrolled in the program will earn their designations through the completion of coursework and, in some instances, through more experiential learning projects, such as teaching NAIC courses or leading NAIC committee work.
The NAIC designation program will verify that a candidate has achieved elevated standards of expertise in subject areas deemed critical for a regulator in today’s insurance marketplace, such as financial analysis and examinations or market conduct and analysis.
“The NAIC has offered numerous courses for regulators for two decades,” said Cathy Weatherford, NAIC CEO and Executive Vice President. “The development path offered by this designation program enables regulators to build and expand their skills through an array of diverse learning experiences.
“Attending a single course provides knowledge in one area. This program, in contrast, helps regulators become well rounded and familiar with many different aspects of insurance and insurance regulation, which is important since regulators are often called upon to work interdepartmentally.”
A regulator may work toward three designations. The first level, the Associate Professional in Insurance Regulation (APIR), is ideal for regulators who have limited experience working for an insurance department and want to learn the basics. The second level, the Professional in Insurance Regulation (PIR), is for those who have more experience and want to acquire additional expertise. The third level, Senior Professional in Insurance Regulation (SPIR), is designed primarily for seasoned regulators who are interested in further enhancing their knowledge of the ever-changing field of insurance regulation.
The dynamic nature of insurance regulation is an important reason regulators should consider participating in this program, according to Weatherford.
“Insurance and insurance regulation is always changing,” she said. “To be successful, regulators constantly need to look for ways to increase their knowledge and skills. The designation program provides a structured, comprehensive plan for doing that,” she said.
To learn more about the Insurance Regulator Professional Designation Program, visit the NAIC Web site at http://www.naic.org/education_designation.htm.
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