COLUMBUS — Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor today announced the Ohio Department of Insurance has earned full accreditation from the National Association of Insurance Commissioners (NAIC).
The accreditation was announced during the NAIC fall conference in Washington D.C. which runs from November 3 – 6. Taylor and insurance commissioners from across the country are participating in the fall conference to develop new ways to improve consumer protection while maintaining the financial stability of the insurance industry.
“Receiving full accreditation from the NAIC demonstrates the high quality service the Department provides to Ohioans,” Taylor said. “We are fortunate to have staff dedicated to their responsibilities in addition to a common sense regulatory process designed to protect Ohio’s competitive insurance market while protecting Ohio consumers.”
The announcement at the fall conference marks 20 years of NAIC accreditation for Ohio dating back to 1991. When Ohio was first accredited in 1991, it was one of only nine states to receive such distinction. Two states were accredited in 1990 followed by seven in 1991 including Ohio.
Full accreditation occurs once every five years as part of a process that also includes interim annual reviews. The review entails a full analysis of laws and regulations, the financial analysis and financial examination functions, and organizational and personnel practices to assist in determining a state's compliance with the accreditation standards.
The NAIC accreditation program establishes and maintains standards to promote sound insurance company financial solvency regulation. The accreditation program provides a process whereby solvency regulation of multi-state insurance companies can be enhanced and adequately monitored.