The New Jersey Department of Banking and Insurance has received reaccreditation from the National Association of Insurance Commissioners (NAIC), an acknowledgement that the Department is operating at high standards when regulating these industries and protecting consumers.
The NAIC accreditation program reviews state insurance departments every five years to ensure they maintain national standards to promote sound financial solvency regulation.
Accreditation was granted for the Trenton-based group on Monday.
The accreditation program involves an in-depth process to determine whether other state insurance regulators can rely on the department’s regulation of multi-state licensed insurance companies domiciled in New Jersey.
“The Department takes great pride in maintaining its accreditation, as it underscores our commitment to upholding high regulatory standards,” Acting Commissioner Ochs said in a release. “Department staff are dedicated to safeguarding the interests of New Jersey consumers and the solvency of the insurance companies they rely on.”
NAIC provides expertise, data, and analysis to help insurance commissioners effectively regulate the industry and protect consumers.
In December, the Department received reaccreditation of its Banking Division, which certified that the Department continues to meet the national standards and practices set by the Conference of State Bank Supervisors.
