Commissioner Mike Causey is pleased to announce that the National Association of Insurance Commissioners’ (NAIC) Financial Regulation Standards and Accreditation (F) Committee voted to reaccredit the North Carolina Department of Insurance during the NAIC’s Spring National Meeting, held in Kansas City, Missouri, on April 4–8.
Accredited insurance departments must submit every five years to a full on-site accreditation review by a team of independent consultants who review the department’s compliance with the accreditation standards.
The NAIC Accreditation Program was established to develop and maintain standards to promote effective insurance company financial solvency regulation. To maintain accreditation, state insurance departments must meet baseline standards of solvency regulation, including maintaining certain laws for governing the financial solvency of insurers domiciled in the state.
“I appreciate the thoroughness and professionalism of the NAIC staff in making sure the N.C. Department of Insurance meets or exceeds national insurance standards,” Commissioner Causey said. “Our staff works diligently to serve both the insurance industry and consumers to make sure these high standards are met.”
NAIC accreditation allows non-domestic states to rely on the accredited domestic regulator to fulfill a baseline level of effective financial regulatory oversight. This creates far greater efficiencies for insurance companies domiciled in accredited states, which are then not subject to financial examinations or other financial oversight by multiple jurisdictions.