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The District of Columbia Department of Insurance, Securities and Banking (DISB) has received accreditation renewal for a five-year term from the National Association of Insurance Commissioners (NAIC).
The NAIC accreditation means the DISB meets the national standards for regulation of the financial condition of insurance companies.
“Accreditation from the NAIC ensures that District policyholders are receiving the highest level of service from domestic insurance companies that are being held to rigorous standards,” said DISB commissioner, Karima M. Woods.
“District of Columbia insurance buyers can be confident in their purchase knowing their insurance industry is well-regulated in conformance with national standards and best practices.”
As part of the NAIC’s Accreditation Program, DISB must undergo a comprehensive, independent review every five years to ensure it meets financial solvency oversight standards.
During this review, a team of independent consultants reviews the Department's compliance with the standards and develops a recommendation regarding the District's accreditation status.
DISB, NAIC, Accreditation, Insurance, Reinsurance, Karima M. Woods, North America