Contact: Liz
Martins, Public Information Officer
Phone: (775)
687-0772
E-mail: emartins@doi.nv.gov
FOR IMMEDIATE
RELEASE – December 27, 2022
Nevada Division of Insurance earns NAIC accreditation
renewal
CARSON
CITY, NV – Commissioner Barbara D. Richardson
is pleased to announce that the Nevada Division of Insurance has earned another
5-year accreditation from the National Association of Insurance Commissioners
(NAIC). The NAIC’s Financial Regulation Standards and Accreditation Committee
voted to approve the accreditation during the NAIC Fall National Meeting, which
was held in Tampa, FL earlier this month.
“This is a great accomplishment for the current staff, and I am proud of
all the hard work they put in to achieve this result,” Commissioner Richardson
said. “I look forward to all their successes going forward.”
The
NAIC Accreditation Program demonstrates that state insurance departments meet
standards of solvency regulation and provide effective regulation of
multi-state insurers. Further, NAIC 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 and maintain accreditation, once every five years, each
state’s insurance department must submit to a comprehensive review by a team of
independent consultants to ensure the departments have adequate statutory and
administrative authority to regulate an insurer’s corporate and financial
affairs, as well as the properly trained and effective staff and resources to
carry out any such authority.
To
learn more about the NAIC’s Financial Regulation Standards and Accreditation Program
visit the NAIC website.
About the
Nevada Division of Insurance
The State of Nevada Division of Insurance, a Division of the Nevada Department
of Business and Industry, protects the rights of Nevada consumers and regulates
Nevada’s $20 billion insurance industry. The Division of Insurance has offices
in Carson City and Las Vegas. In 2021, the Division investigated 2,288 consumer
complaints, answered 10,200 inquiries, and recovered $3.3 million on behalf of
consumers. For more information about the Division of Insurance, visit DOI.NV.GOV.
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