Idaho Department of Insurance Earns NAIC Accreditation
Jun 16, 2015 | By Colodny Fass
Marking 20 years of continuous accreditation
BOISE ID (June 16, 2015) – The Idaho Department of Insurance was presented the Accreditation Award by the National Association of Insurance Commissioners (NAIC) in recognition of its core competence in monitoring the business of Idaho-based insurance companies doing business in other states.
“This is a well-earned honor for the Department and speaks to the professionalism of our staff,” Department Director Dean Cameron said.
Accredited state insurance regulators 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 accreditation process includes a review of certain standards:
· Department follows proper procedures for analysis and examinations of its multi-state domestic insurance companies
· Department staff meet minimum education and experience requirements including background in accounting, insurance, financial analysis or actuarial
· Sufficient qualified staff and procedures to review applications for new Idaho domestic insurers or change in control of Idaho domestic insurers
· Documented evidence that procedures are adequately and timely performed
· Certain model laws have been enacted in Idaho to insure consistency across state regulatory bodies
The NAIC Accreditation Team visited the Department in early February 2015 for their review. Company Activities Bureau Chief Georgia Siehl says, “Our experienced staff has done an excellent job in meeting accreditation standards and monitoring our domestic multi-state insurers for solvency and compliance.”
Other states view Idaho’s accreditation as assurance that it is regulating its domestic multi-state insurers according to national standards and therefore will not require additional, independent exams.
–By G. Donovan Brown