Mississippi Insurance Department Receives Accreditation
From: Mississippi Insurance Department Filed
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.