TRENTON — Department of Banking and Insurance Commissioner Marlene Caride announced today that the department has received reaccreditation in both insurance and banking, which certifies that the department meets the national standards and practices set by the National Association of Insurance Commissioners and the Conference of State Bank Supervisors.
The National Association of Insurance Commissioners (NAIC) accreditation program reviews state insurance departments every five years to ensure they meet financial solvency oversight standards. The department received the final results of the Accreditation Review for the Insurance Division on Friday, August 13th, with accreditation granted during the NAIC Summer National Meeting. In 2020, the department received accreditation from the Conference of State Bank Supervisors (CSBS) following a comprehensive review of the Banking Division. The CSBS reviews state banking departments every five years.
“The reaccreditation of the department gives consumers and the entities we regulate the confidence that our banking and insurance divisions meet national regulatory standards and have the resources and expertise to carry out the department’s mission,” said Commissioner Caride.
The NAIC Accreditation Program was established to develop and maintain standards to promote effective insurance company financial solvency regulation across all states. To become accredited, states submit to an accreditation review of the department's compliance with established standards, including legal, financial and organizational standards. In order to be awarded accreditation by CSBS, state agencies must go through an in-depth independent review of the agency’s policies, procedures, and operations to determine if they meet standards set forth by the organization.
Accreditation contributes to the department’s effectiveness in carrying out its core mission of regulating the banking, insurance and real estate industries in a professional and timely manner that protects and educates consumers and promotes the growth, financial stability and efficiency of those industries.
The Department of Banking and Insurance oversees more than 300,000 state-chartered banks, state-chartered credit unions, insurance companies, real estate companies, consumer finance licensees, licensed mortgage companies and individual licensees.
The department has made consumer protection a priority. Consumers who have questions or issues that they cannot resolve with a regulated entity may contact the Department’s Consumer hotline at 1-800-446-7467.
The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. Founded in 1871, the U.S. standard-setting organization is governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories to coordinate regulation of multistate insurers. For more information, visit NAIC.org
The Conference of State Bank Supervisors (CSBS) is the national organization of bank regulators from all 50 states, American Samoa, District of Columbia, Guam, Puerto Rico and U.S. Virgin Islands. Its mission is to support state regulators in advancing the system of state financial supervision by ensuring safety, soundness, and consumer protection; promoting economic growth; and fostering innovative, responsive supervision. For more information, visit CSBS.org |
