December 04, 2017
Missouri Department of Insurance Receives Re-accreditation from NAIC
This is the highest recommendation level awarded
Jefferson City, Mo - The Financial Regulation Standards and Accreditation (F) Committee of the National Association of Insurance Commissioners (NAIC) voted to re-accredit the DIFP for a full 5 years on December 1, 2017. This is the highest recommendation level from the F Committee. This certifies the DIFP is meeting a standard that ensures all other states can rely on the department’s work and demonstrates our statutory and administrative authority to regulate an insurer’s corporate and financial affairs.
A system of effective solvency regulation provides crucial safeguards for insurance consumers as consumers benefit when the insurance industry is strong enough financially to be able to pay and settle claims in a timely manner.
The accreditation program also allows for inter-state cooperation and reduces regulatory redundancies. All accredited states require financial examinations on all companies that are licensed in the state; however, in lieu of performing its own examination, a state may accept the examination report prepared by an accredited insurance department. This keeps costs low for companies and consumers, allowing other states to rely on the work performed by our department rather than conducting their own examination and analysis. This saves millions of dollars in duplicative costs.
“Maintaining accreditation through the NAIC is one of the most important things the department can do to ensure there is a healthy and competitive insurance market in Missouri” says DIFP Director Chlora Lindley-Myers. “I congratulate my staff for their conscientious efforts in support of state regulations and their commitment to both consumers and the companies serving them. I am committed to providing a department that is accountable to our stakeholders and operates in a transparent and consistent manner that is good for our citizens and encourages insurers to locate and conduct business in our state.”
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.