Department of Insurance undergoes review for accreditation and receives recognition

National Association of Insurance Commissioners recognized the state's accreditation team

[January 02, 2014]  CHICAGO — Illinois Department of Insurance Director Andrew Boron announced last week that the department has received accreditation by the National Association of Insurance Commissioners. A state insurance department is given accreditation once it has demonstrated that it meets an assortment of legal, financial and organizational standards as determined by a committee of its peers.

"Illinois was first accredited in 1991, and this year marks the fifth accreditation review the department has undergone," Boron said. "Every person on the accreditation team should be very proud of this achievement. I applaud their hard work in the field and encourage everyone to keep up the good work."

Accredited insurance departments are required to undergo a comprehensive review by an independent regulatory team every five years to review laws and regulations, the financial analysis and financial examinations functions, organizational and personnel practices, and organization, licensing and change of control of domestic insurers, to assist in determining a state's compliance with the accreditation standards.

The department's accreditation staff was recognized in December at the National Association of Insurance Commissioners meeting in Washington, D.C.

The NAIC Accreditation Program requires that state 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.

The mission of the Illinois Department of Insurance is to protect consumers by providing assistance and information, by efficiently regulating the insurance industry's market behavior and financial solvency, and by fostering a competitive insurance marketplace. The department assists consumers with all insurance complaints, including health, auto, life and homeowner.

For more information, visit www.insurance.illinois.gov or call toll-free, 866-445-5364.

[Text from Illinois Department of Insurance file received from the Illinois Office of Communication and Information]