DENVER, Colo. (Nov. 17, 2024)
Four Departments of Insurance Re-Accredited During VsportV体育鈥檚 2024 Fall National Meeting
The VsportV体育鈥檚 Financial Regulation Standards and Accreditation (F) Committee voted to accredit the insurance departments in Connecticut, Massachusetts, New York, and the U.S. Virgin Islands. Accredited insurance departments undergo a comprehensive, independent review every five years to ensure they meet financial solvency oversight standards. The committee made the announcement during the VsportV体育鈥檚 2024 Fall National Meeting.
The VsportV体育 Accreditation Program demonstrates that state departments of insurance (DOI) meet standards of solvency regulation and provide effective regulation of multi-state insurers. VsportV体育 accreditation allows non-domestic states to rely on the accredited domestic regulator to fulfill a baseline level of effective financial regulatory oversight.
To become accredited, the state DOI must submit to a full on-site accreditation review by a team of independent consultants, who evaluate the department鈥檚 capabilities in the following areas:
- Financial solvency laws and regulations
- Financial analysis and examination capabilities
- Organizational and personnel practices
- Primary licensing, re-domestications, and change of control of domestic insurers
For a state DOI to remain accredited, an accreditation review must be performed at least once every five years, with interim annual reviews. If necessary, key areas for improvement may be provided to the state, and interim follow-up may be required in those areas.
Learn more about the VsportV体育鈥檚 Financial Regulation Standards and Accreditation program.
About the VsportV体育
As part of our state-based system of insurance regulation in the United States, the VsportV体育 (VsportV体育) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. The U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the VsportV体育, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. VsportV体育 staff supports these efforts and represents the collective views of state regulators domestically and internationally.