ND Insurance Department Receives National Accredidation
Posted on 6/12/2002
FOR IMMEDIATE RELEASE
Contact: Jim Poolman
June 12, 2002
Bismarck, ND - The North Dakota Insurance Department has been recognized by members of the National Association of Insurance Commissioners (NAIC) for achieving a five-year accreditation. The award was received at the NAIC Summer National Meeting in Philadelphia this past weekend.
"This has been a top priority for me and the Department since I took office," said Commissioner Jim Poolman. "North Dakota consumers can have confidence that the Insurance Department is making sure that insurance companies are financially sound and will have the necessary resources to pay claims."
In order to receive and maintain this accreditation, the Department underwent a top-to-bottom review, by an independent review team to ensure that it met the baseline standards defined by the program. Commissioner Poolman said, "The North Dakota Insurance Department is a leader. We are one of only 9 states in the country to achieve accreditation for the third time. I am very proud of our Department and how we are protecting consumers' interests."
The accreditation standards, first adopted by the NAIC in 1990, require insurance departments to have adequate statutory and administrative authority, resources, organizational practices, and personnel expertise to effectively regulate the insurance industry in the state.