April 08, 2013
Missouri Department of Insurance receives reaccreditation from NAIC
Director Huff accepts distinction at spring conference
Jefferson City, Mo. -The Missouri Department of Insurance has been reaccredited for five years by the National Association of Insurance Commissioners (NAIC).
The accreditation was announced during the NAIC spring conference in Houston which runs through Tuesday. Department of Insurance Director John M. Huff and insurance commissioners from across the country are participating in the spring conference to develop new ways to improve consumer protection while maintaining the financial stability of the insurance industry.
"This accreditation speaks to the commitment and professional level of service the department provides to protect Missouri consumers," Huff said. "We have an excellent team of capable, trained financial regulators who are dedicated to maintaining well-capitalized insurance companies in Missouri. I'm very proud to accept this recognition on behalf of such a fine organization."
The announcement marks 20 years of NAIC accreditation for Missouri. 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 program provides a process where solvency regulation of multistate insurance companies can be enhanced and adequately monitored.
To learn more about the NAIC accreditation process, visit naic.org/committees_f.htm.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.