Financial Regulation Standards and Accreditation Program

E673613

insurance regulation program regulatory accreditation program

The Financial Regulation Standards and Accreditation Program is a regulatory initiative of the National Association of Insurance Commissioners that evaluates and certifies state insurance departments for meeting baseline standards of solvency regulation and oversight.

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Statements (47)

Predicate	Object
instanceOf	insurance regulation program ⓘ regulatory accreditation program ⓘ
administeredBy	National Association of Insurance Commissioners NERFINISHED ⓘ
appliesTo	state insurance departments ⓘ
beneficiary	insurance consumers ⓘ policyholders ⓘ state insurance regulatory system ⓘ
consequenceOfAccreditation	enhanced credibility of a state insurance department ⓘ recognition that a state meets NAIC solvency oversight standards ⓘ
consequenceOfNonAccreditation	potential market pressure on non-accredited states ⓘ
encourages	consistency in solvency regulation among states ⓘ cooperation among state insurance regulators ⓘ
evaluationType	peer review ⓘ periodic review ⓘ
focusesOn	financial regulation of insurers ⓘ organizational and personnel practices of insurance departments ⓘ regulatory practices and procedures ⓘ solvency regulation ⓘ statutory and regulatory authority of insurance departments ⓘ
goal	to improve the quality of state insurance department financial regulation ⓘ to protect policyholders by promoting sound solvency regulation ⓘ
implementedBy	NAIC Financial Regulation Standards and Accreditation Committee NERFINISHED ⓘ
jurisdiction	United States of America ⓘ surface form: United States
purpose	to encourage uniformity in state insurance financial regulation ⓘ to evaluate state insurance departments for compliance with baseline solvency regulation standards ⓘ to promote effective solvency oversight of insurers ⓘ
relatedTo	NAIC model laws NERFINISHED ⓘ NAIC solvency modernization initiatives ⓘ state-based insurance regulatory system in the United States ⓘ
requires	adequate staffing and expertise in financial analysis and examination units ⓘ adoption of key NAIC solvency-related model laws and regulations ⓘ appropriate regulatory authority to take action against troubled insurers ⓘ effective financial analysis processes ⓘ effective financial examination processes ⓘ
result	accreditation of state insurance departments ⓘ denial of accreditation if standards are not met ⓘ
scope	health insurers ⓘ life insurers ⓘ property and casualty insurers ⓘ
sector	insurance regulation ⓘ
shortName	NAIC Accreditation Program NERFINISHED ⓘ
standardType	baseline standards of financial analysis ⓘ baseline standards of financial examination ⓘ baseline standards of organizational and licensing practices ⓘ baseline standards of regulatory authority and structure ⓘ baseline standards of solvency regulation ⓘ
timeframe	ongoing accreditation reviews at regular intervals ⓘ

Referenced by (1)

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National Association of Insurance Commissioners → hasProgram → Financial Regulation Standards and Accreditation Program ⓘ