The District of Columbia Department of Insurance, Securities and Banking (DISB) has received a five-year accreditation renewal from the National Association of Insurance Commissioners (NAIC).
The association, which is led by chief insurance regulators from the 50 states, the District of Columbia and five US territories, renewed the accreditation of the department’s insurance and risk finance bureaus.
This demonstrates that DISB meets national standards concerning the regulation of the financial conditions of insurance companies, with the insurance and risk finance bureaus regulating approximately 1,300 insurance companies.
The regulation of DC-domiciled insurers is conducted through providing financial analysis to ensure solvency and regulate rates, forms and market conduct.
The bureaus are also responsible for the regulation of 167 captive insurance companies and risk retention groups.
Karima Woods, commissioner of DISB, comments: “Accreditation from the NAIC ensures that District policyholders are receiving the highest level of service from domestic insurance companies that are being held to rigorous standards.”
“District of Columbia insurance buyers can be confident in their purchase knowing their insurance industry is well-regulated in conformance with national standards and best practices.”
DISB is subjected to an independent review and recommendation every five years under the NAIC’s accreditation programme to ensure it meets financial solvency oversight standards.
