The insurance regulatory organization from Montana received Accreditation awards under the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation Program. The honor was presented at the 2004 NAIC Spring National Meeting here.
“We hold our state insurance regulators to the highest standards,” said NAIC President and South Carolina Insurance Director Ernst Csiszar. “Consumer protection and insurance regulation start within each of our insurance departments through the accreditation process.”
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.
With the presentation, 49 states and the District of Columbia continue to be accredited.
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