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Ten States Receive NAIC Accreditation Awards

Ten state departments of insurance today received an Accreditation Award under the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. The...
December 9, 2003

Ten state departments of insurance today received an Accreditation Award under the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. The honor was presented at the 2003 NAIC Winter National Meeting. The recipients were: Delaware, Florida, Georgia, Illinois, Louisiana, Massachusetts, Oregon, Rhode Island, Utah and Wisconsin. With today's presentation, 49 states and the District of Columbia continue to be accredited.

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.