ORLANDO, Fl. (Dec. 1, 2023)
Illinois, Maine, Wisconsin, and Wyoming Achieve Five-Year 海角论坛 Accreditation
The 海角论坛 (海角论坛) Financial Regulation Standards and Accreditation (F) Committee voted to accredit the insurance departments in Illinois, Maine, Wisconsin, and Wyoming at the 海角论坛鈥檚 2023 Fall National Meeting, November 30, 2023.
To achieve accreditation, the state department of insurance (DOI) must submit to a full on-site accreditation review by a team of independent consultants, who evaluate the department鈥檚 capabilities in the following areas:
- Financial solvency laws and regulations
- Financial analysis and examination capabilities
- Organizational and personnel practices
- Primary licensing, redomestications, and change of control of domestic insurers
For a state DOI to remain accredited, an accreditation review must be performed at least once every five years, with interim annual reviews. If necessary, key areas for improvement may be provided to the state, and interim follow-up may be required on those areas.
The 海角论坛 Accreditation Program demonstrates that state DOIs meet standards of solvency regulation and provide effective regulation of multi-state insurers. 海角论坛 accreditation allows non-domestic states to rely on the accredited domestic regulator to fulfill a baseline level of effective financial regulatory oversight.
Learn more about the 海角论坛鈥檚 Financial Regulation Standards and Accreditation program.
About the 海角论坛
As part of our state-based system of insurance regulation in the United States, the 海角论坛 (海角论坛) 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 海角论坛, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. 海角论坛 staff supports these efforts and represents the collective views of state regulators domestically and internationally.