COLUMBUS — Lieutenant Governor Mary Taylor announced that the Ohio Department of Insurance has been reaccredited by the National Association of Insurance Commissioners (NAIC) for another five-year term.
“Our mission is to protect consumers,” said Taylor, also director of the Ohio Department of Insurance. “We consider it a privilege to serve Ohioans and we are glad to have again met the strong standards established by the NAIC for insurance company regulation.”
The Ohio Department of Insurance is part of the NAIC, the national standard-setting system of state-based insurance regulation in the United States. The NAIC is a regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.
To become NAIC accredited state insurance departments undergo comprehensive, independent review of their legal, financial and organizational procedures to ensure insurance company financial solvency oversight criteria are met.
This includes having in place adequate solvency laws and regulations to protect consumers and guarantee funds, sufficient financial analysis and examination processes, and effective practices for the review of organization, licensing and change of control of domestic insurance companies.
The Ohio Department of Insurance, which saves Ohioans millions of dollars annually, also protects consumers by fighting insurance fraud, conducting statewide educational insurance outreach, investigating complaints about insurance, providing a missing life insurance policy and annuity contract search service, and much more.