The Colorado Division of Insurance has received national re-accreditation by the National Association of Insurance Commissioners (NAIC) after a review of the division’s financial examination process.
The NAIC performs reviews of each state’s solvency laws and regulations and the solvency of the monitoring process every five years. The NAIC sent a team of lawyers and financial insurance professionals to Colorado for five days in May to compare the state’s laws and regulations to NAIC models, review financial analysis files and examination work papers, and evaluated staff on their knowledge of the domestic insurance industry.
On June 9, the NAIC accepted the review team’s recommendation that the division be re-accredited for the maximum period of time, five years.
The review team also noted the division’s positive use of actuarial, electronic data processing and reinsurance specialists. The report also reflected sound scores for the depth of the division’s financial analysis process and for the overall quality of the examination process.
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