NAIC Awards Accreditation for Mississippi Insurance Department
The National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation (F) Committee voted to accredit the Mississippi Insurance Department (MID) during the NAIC's Spring National Meeting, held in Kansas City, MO, on April 4-8.
“Accreditation is a critical component to ensuring a viable system of state-based regulation,” said Insurance Commissioner Mike Chaney. “I am proud of the continued work my office is doing to develop best practices and maintain standards that promote an efficient and effective process for regulation of our domestic insurance industry. In particular, David Browning and his staff in the MID Financial and Market Regulation Division are doing exceptional work meeting standards of solvency regulation and regulating multi-state insurers based out of Mississippi.”
Accredited insurance departments undergo comprehensive, independent review every five years to ensure they meet financial solvency oversight standards. All fifty states, the District of Columbia, and the U.S. Virgin Islands are currently accredited.