(Washington, DC) The District of Columbia Department of Insurance, Securities and Banking (DISB) received December 3 an award for renewing its accreditation under the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. Regulators for the District of Columbia were honored during the 2005 NAIC Winter National Meeting in Chicago, Illinois. Honors were also given to regulators from Indiana and Michigan.
"We are elated that our department had its financial regulatory process acknowledged and recognized by the NAIC," said Thomas E. Hampton, acting commissioner, DISB, the government's regulatory agency for financial services activities. "It truly is an honor for this department to meet the stringent financial regulatory standards of the NAIC as we work to maintain our credibility with consumers, as well as maintain the financial stability of the insurance industry."
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 financial regulatory standards, according to the NAIC. The accreditation standards require that insurance regulators have adequate statutory and administrative authority to regulate an insurer's corporate and financial affairs, and that they have implemented the necessary processes and procedures to carry out that authority. This is the third five-year term for DISB.
"We are encouraged by the success of this program in providing a foundation of solvency surveillance as we continue our modernization efforts," said Pennsylvania Insurance Commissioner Diane Koken, and NAIC president.
With the December 3 presentation, 49 states and the District of Columbia continue to be accredited.
