Alabama Department of Insurance Renews National Accreditation
- April 11th, 2022
- in Uncategorized
TUSCALOOSA, Ala. – The Alabama Department of Insurance has been re-accredited by the National Association of Insurance Commissioners (NAIC). The renewed accreditation was approved by NAIC’s Financial Regulation Standards and Accreditation Committee during NAIC’s Spring National Meeting in Kansas City, MO, on April 4–8, 2022.
“I want to thank the NAIC for their rigorous review as well as the employees of the Alabama Department of Insurance for their professionalism in ensuring we continue to meet and exceed standards and lead the way in insurance regulation,” said Alabama Insurance Commissioner Jim Ridling.
The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories. The NAIC has a formal certification program to accredit each state’s insurance regulator, requiring risk-focused financial surveillance to include on-site examinations, and requires solvency-related model laws, rules, and guidelines that have been adopted through consensus and collaboration. Accredited insurance departments undergo a comprehensive review by an independent review team every five years to ensure the departments continue to meet baseline financial solvency oversight standards. The Alabama Department of Insurance has been continuously accredited by the NAIC since 1995.