TRENTON —The New Jersey Department of Banking and Insurance has received reaccreditation from the National Association of Insurance Commissioners (NAIC), demonstrating that the Department continues to operate at a high standard in fulfilling its mission to regulate the industry and protect consumers, Acting Commissioner Susan Ochs announced today.
The NAIC accreditation program reviews state insurance departments every five years to ensure they maintain national standards to promote sound financial solvency regulation. The accreditation program involves an in-depth process to determine whether other state insurance regulators can rely on the Department’s regulation of multi-state licensed insurance companies domiciled in New Jersey. Accreditation was granted on Monday during the NAIC’s Spring National Meeting.
“The Department takes great pride in maintaining its accreditation, as it underscores our commitment to upholding high regulatory standards,” said Acting Commissioner Ochs. “Department staff are dedicated to safeguarding the interests of New Jersey consumers and the solvency of the insurance companies they rely on.”
In December, the Department received reaccreditation of its Banking Division, which certified that the Department continues to meet the national standards and practices set by the Conference of State Bank Supervisors.
About the National Association of Insurance Commissioners
As part of the state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (NAIC) 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 NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. |
