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Mississippi Insurance Department Receives Accreditation

From: Mississippi Insurance Department     Filed 9/20/06 GCN

Jackson -Commissioner of Insurance George Dale announced today that the Mississippi Insurance Department (MID) has received its third accreditation award under the National Association of Insurance Commissioner's (NAIC) Financial Regulation Standards and Accreditation Program. The award was recently presented to MID at the opening session of the  2006 NAIC Fall Meeting in St. Louis, Missouri.

"Achieving accreditation under normal circumstances is commendable, for our staff to achieve this while also dealing with the overwhelming challenges brought about by Hurricane Katrina is a truly stellar accomplishment. This award is an acknowledgement of our staff's determination in providing consumers with the necessary security and peace of mind when it comes to purchasing and maintaining an insurance policy in this state," said Dale.

Accredited insurance departments are required to undergo a comprehensive review every five years by an independent review team to ensure they continue to meet baseline 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.

With Mississippi receiving this award, 49 states and the District of Columbia continue to be accredited by the NAIC.
 

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