Florida Office of Insurance Regulation Earns Renewal of NAIC Accreditation
GRAPEVINE, Texas – The Florida Office of Insurance Regulation (Office) today announced that it was recognized at the National Association of Insurance Commissioners (NAIC) Winter National Meeting for renewal of its Financial Regulation Standards accreditation. The accreditation acknowledges the Office for meeting the NAIC's standards for regulating the solvency of insurance companies licensed in the state.
To earn the accreditation, the Office had to demonstrate that: Florida had adequate solvency laws and regulations to protect consumers; it used an effective and efficient financial analysis and examination process; and, that it maintained appropriate organizational and personnel practices to effectively carry out its solvency regulation duties.
"This is a great honor for the Office and something which should give Florida consumers confidence that the Office is doing everything it can to assure to the extent possible that companies selling insurance in our state are adequately funded,” said Insurance Commissioner Kevin McCarty. "Our team of financial analysts takes great pride in the thoroughness of the reviews they perform on all companies. It is a tedious and time-consuming process, but one that has consumer protection as its primary mission."
This is the third accreditation renewal the Office has received. The Office (the former Department of Insurance) first received NAIC accreditation in December 1990 followed by re-accreditations in 1998 and 2003.
Part of the accreditation process involves an extensive on-site review by members of the NAIC accreditation team. It includes the review of data and procedural documents as well as interviews with staff.
Accreditation is for a 5-year period, subject to annual submission and approval of a self-report to demonstrate ongoing compliance with the NAIC’s Financial Regulation Standards.
Detailed information about the Financial Regulation Standards accreditation process is available in a pamphlet
from the NAIC.