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Insurance Department Earns NAIC Accreditation

31 Mar, 2010 WorkersCompensation.com

                               Boise, ID (CompNewsNetwork) - The Idaho Department of Insurance has been honored for its excellence and competence in monitoring the business of Idaho-based insurance companies doing business in other states.

“The Department has had continuous accreditation since November, 1994. This recognition speaks to the professionalism of our staff and the superior customer service they provide,” said Director Bill Deal. The Accreditation Award was presented at the National Association of Insurance Commissioners (NAIC) spring meeting last week in Denver, Colorado.

Accredited departments undergo a comprehensive, independent review every five years to ensure they continue to meet baseline financial solvency oversight standards. They must have adequate statutory and administrative authority to regulate an insurer's corporate and financial affairs, as well as the necessary resources to carry out that authority.

The NAIC Accreditation Team visited the Department in early February for their review. Company Activities Bureau Chief Georgia Siehl says, “Our experienced staff has done an excellent job in monitoring our domestic multistate insurers for solvency and compliance.”

Other states view Idaho's accreditation as assurance that it is regulating its domestic multistate insurers according to national standards and will not require additional, independent exams.

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