NU Online News Service, Dec. 14, 11:37 a.m. – The Kansas Insurance Department was awarded accreditation this week in Chicago at the winter national meeting of the National Association of Insurance Commissioners, Kansas City, Mo.
The NAIC Financial Regulations Standards and Accreditation Program determines which states receive accreditation.
Hawaii, North Carolina and Ohio also received accreditation at the latest meeting.
Forty-seven states and the District of Columbia now have accreditation.
To receive and maintain accreditation, a state insurance department must undergo a review every five years by an independent review team to ensure it meets the program standards.
The accreditation standards require that insurance departments have adequate statutory and administrative authority to regulate an the corporate and financial affairs of an insurer; that they have the necessary resources to carry out that authority; and that the departments have in place organizational and personnel practices designed for effective regulation.