Conn., Pa. Receive NAIC Accreditation Awards

The insurance regulatory organizations from Connecticut, Montana and Pennsylvania have received Accreditation awards under the National Association of Insurance Commissioners’ Financial Regulation Standards and Accreditation Program.

The honor was presented at the 2004 NAIC Spring National Meeting in New York City, which took place over the weekend.

“We hold our state insurance regulators to the highest standards,” stated 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.”

The bulletin noted that “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.”