National Association of Insurance Commissioners (NAIC) President and Alabama Commissioner Walter Bell recognized four states with accreditation awards on Friday in San Francisco.
The awards are part of the Financial Regulation Standards and Accreditation Program and were announced during the opening session of the NAIC’s 2007 Summer National Meeting.
According to Bell, the accreditation signifies that the states meet standards in protecting consumers and promoting competition for insurers within their regions. Accredited insurance departments are reviewed every five years to ensure the state insurance departments meet baseline financial solvency oversight standards.
“A system of effective regulation provides crucial safeguards for America’s insurance consumers,” Bell said.
Also at the opening session, Bell emphasized the NAIC’s Insure U program for small businesses, which is designed to provide information to consumers to aide them in choosing insurance.
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