The Oregon Division of Financial Regulation (DFR) recently received its five-year accreditation from the National Association of Insurance Commissioners (NAIC). The purpose of NAIC accreditation is to ensure that state insurance departments meet baseline standards of solvency regulation, particularly with respect to regulation of multi-state insurers.
Accreditation is awarded only after a detailed, comprehensive review process. The accreditation program at NAIC includes a pre-accreditation review one year before the full review, a full accreditation review that occurs every five years and interim annual reviews. The full accreditation review DFR underwent included an analysis of state laws and regulations, the agency’s financial analysis and examinations processes, oversight and organizational practices and primary licensing and re-domestication practices.
Getting accredited through NAIC’s program gives state regulators the ability to work with other states’ financial regulation practices and improves the potential for coordination across states through comprehensive exams and enforcement actions.
“We take our responsibility to protect consumers very seriously in monitoring insurers for solvency and compliance,” said acting Insurance Commissioner TK Keen. “Earning NAIC accreditation is a testament to our staff’s professionalism, competence, and expertise in financial regulation, and reaffirms our commitment to rigorous oversight.”
Topics
Legislation
Oregon
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