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A National Association of Insurance Commissioners (NAIC) independent review team has completed a review of the Ohio Department of Insurance’s staff and procedures and has reaccredited the Department for its financial regulation operation for another five years, according to a release issued by the office Insurance Director Ann Womer Benjamin.

“To be reaccredited – and with a high score – reaffirms that effective systems are in place at the Ohio Department of Insurance to protect Ohio insurance consumers and to ensure that a healthy and competitive insurance marketplace is maintained,” Director Womer Benjamin said.

Accredited state insurance departments are required to undergo a comprehensive NAIC review every five years by an independent review team to ensure they continue to meet financial solvency oversight standards. The accreditation standards require that insurance departments have adequate statutory and administrative authority to regulate an insurer’s corporate and financial affairs, and that they have the necessary resources to carry out that authority. All scores are confidential.

Source: Ohio Department of Insurance

Topics Ohio