Four state insurance departments received Accreditation Awards under the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation Program. The honors were presented to regulators from Idaho, Kentucky, Oklahoma and Washington during the 2004 NAIC Winter National Meeting being held in New Orleans, La.
“As we continue to work towards achieving the goals we have set out for this year, it is extremely satisfying to know this program is providing a solid backbone of solvency surveillance in our modernization efforts,” said NAIC President/Pennsylvania Insurance Commissioner Diane Koken.
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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