Bismarck, ND - Insurance Commissioner Adam Hamm commented today that he is pleased with the final report and recommendations regarding regulatory oversight presented by Connolly & Associates on their review of North Dakota Workforce Safety and Insurance's (WSI) management and human resources.
The report specifically recommends WSI be regulated by the Department of Insurance. On page 86 of the report discussed today, Connolly & Associates recommends WSI "be subject to more knowledge based and expert level of continuous regulatory oversight than it has heretofore received. Examination in the same fashion will allow for ready comparison and benchmarking of WSI to similar insurance organizations by qualified independent examiners."
"This recommendation reinforces the proposal that I made in early February," said Hamm. "It makes sense to use the existing regulatory structure, expertise and authority that exists in the Department to oversee what is essentially an insurance company."
Hamm's February proposal detailed three main areas where the Insurance Department could oversee WSI -- market conduct examination, financial examination and financial analysis.
Hamm repeated his intention to work with state officials and legislators to see that his proposal is given strong consideration.