(Washington, DC) Acting Commissioner Thomas Hampton is pleased to announce that the DC Department of Insurance, Securities and Banking (DISB) was recommended for five-year accreditation after a week-long review of the department's financial regulatory system by the National Association of Insurance Commissioners' (NAIC) accreditation review team.
The review covered both the traditional companies monitored by the Insurance Bureau and the risk retention groups monitored by the Risk Finance Bureau. The results were scored and broken down into three areas - financial analysis, financial examinations, and communications with states and procedures for troubled companies.
Based on these results the review team will recommend another five-year accreditation for the department at the winter NAIC meeting in two weeks to the NAIC leadership, which is expected to vote on and adopt this recommendation.
The accreditation review team will also recommend a re-review of the financial analysis next year to ensure that our process continues to be sufficient.
For further information or questions, please contact Lily Qi, Public Information Officer, DC Department of Insurance, Securities and Banking, at (202) 442-7820 or lily.qi@dc.gov.
