San Diego, CA (Dec. 14, 2021)
Â鶹´«Ã½ Awards Accreditation for the Departments of Insurance for Hawaii, Kansas and South Carolina
The Â鶹´«Ã½â€™ (Â鶹´«Ã½) Financial Regulation Standards and Accreditation (F) Committee voted to accredit the departments of Insurance for Hawaii, Kansas and South Carolina during the Â鶹´«Ã½â€™s 2021 Fall National Meeting.
The Â鶹´«Ã½ Accreditation Program was established to develop and maintain standards to promote effective insurance company financial solvency regulation. The accreditation program allows states to rely on the accredited states to fulfill a baseline level of effective financial regulatory oversight creating substantial efficiencies for insurance regulators, by allowing them to coordinate and rely on each other's work.
To become accredited, the state’s department of insurance must submit to a full on-site accreditation review. During this review, the team of independent consultants reviews the department's compliance with the standards to develop a recommendation regarding the state's accredited status. Accredited State insurance departments undergo comprehensive, independent review every five years.
About the Â鶹´«Ã½
As part of our state-based system of insurance regulation in the United States, the Â鶹´«Ã½ (Â鶹´«Ã½) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the Â鶹´«Ã½, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. Â鶹´«Ã½ staff supports these efforts and represents the collective views of state regulators domestically and internationally.