Indianapolis – The Indiana Department of Insurance (IDOI) was awarded accreditation at the National Association of Insurance Commissioners (NAIC) Summer National Meeting. The accreditation acknowledges the IDOI meets the NAIC’s standards for regulating the solvency of insurance companies licensed in the state.
Accredited insurance departments undergo a comprehensive, independent review every five years to ensure they meet financial solvency oversight standards, as well as an annual desk audit. The IDOI first received its accreditation in 1994 from the NAIC, the United States standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
“This honor demonstrates the hard work of our entire IDOI team,†IDOI Commissioner Amy L. Beard said. “Our Legal and Financial Services Divisions should be applauded for ensuring these rigorous NAIC accreditation standards have been met. This accreditation furthers the IDOI’s ongoing mission of providing Hoosier consumers with a financially sound insurance market.â€
The NAIC accreditation program establishes and maintains sound solvency regulation standards as it is a key tool in promoting and maintaining state-based regulation of the insurance industry. It provides for the effective regulation of multi-state insurance companies with emphasis on each state’s financial solvency laws and regulations; financial analysis and examination capabilities; organizational and personnel practices; and insurer organizational review, licensing and change of control of domestic insurers.
