Carson City, NV December 27, 2022
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.”
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.
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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