DCBS Media ReleaseDecember 18, 2003 Insurance Division recognized for financial regulation programThe Oregon Insurance Division has been recognized for its financial regulation program by the National Association of Insurance Commissioners. Oregon was one of 10 states to recently receive an accreditation award from the NAIC, a voluntary association of the chief insurance regulatory officials of the 50 states, the District of Columbia and four U.S. territories. "Regulating the financial condition of insurers is one of the most important jobs of state insurance departments," said Oregon Insurance Administrator Joel Ario. "Consumers deserve to know that their insurance company is solvent and can pay claims on time and in full." Accredited insurance departments are required to undergo a comprehensive review every five years by a team of independent auditors to ensure that they continue to meet the NAIC's baseline standards. The standards require insurance departments to have adequate statutory and administrative authority to regulate an insurer's corporate and financial affairs, and to have the necessary resources to carry out that authority. Oregon was initially accredited in 1993 and was re-accredited in 1998. Russell Latham is manager of the Insurance Division's Financial Regulation Section and Neeraj Gupta is chief financial examiner. Forty-nine states and the District Columbia are accredited by the NAIC. |
