The certificate was presented at the opening session of the association s Spring National Meeting here. With the award today, the total number of states receiving second-round accreditation is 46.
Accountability is one of the most important aspects of state insurance regulation.
By maintaining an effective solvency regulation program, state insurance regulators add one more protection for consumers who deserve to know that their insurance company can and will pay claims on time and in full. The standards require that insurance departments have adequate statutory and administrative authority to regulate an insurer s corporate and financial affairs, that they have the necessary resources to carry out that authority, and that the departments have in place organizational and personnel practices designed for effective regulation. Following an analysis of the program by NAIC members and other interested parties, the membership adopted a revised set of second-round accreditation standards that continue to emphasize the membership s commitment to strong financial regulation programs within the state insurance departments. The standards are considered more flexible and focus on critical solvency issues. The association s overriding objective is to protect consumers and help maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise.