Wisconsin Office of the Commissioner of Insurance Earns NAIC Accreditation
Madison, Wis. – The National Association of Insurance Commissioners (NAIC) has again accredited the Wisconsin Office of the Commissioner of Insurance (OCI). Accreditation is an NAIC program to ensure that state insurance departments meet baseline standards of solvency regulation, particularly with respect to regulation of multi-state insurers.
“We are honored to have earned accreditation and it is due to the exceptional efforts of Division of Financial Regulation Administrator Amy Malm, her team, and our entire OCI staff," said Commissioner Houdek. “As financial transactions, filings, and company structures become more complex, we are proud to have a financial regulation team that is up for the challenge and has been recognized for their continued good work."
Accreditation is awarded only after a detailed, comprehensive review process. The accreditation program at NAIC includes a pre-accreditation review one year prior to the full review, a full accreditation review that occurs every five years, and interim annual reviews. The full accreditation review OCI underwent this year included an analysis of state laws and regulations, our agency's financial analysis and examinations processes, oversight and organizational practices, and primary licensing and redomestication practices.
“We take our responsibility to consumers very seriously in monitoring insurers for solvency and compliance," said Administrator Amy Malm. “Earning accreditation from the NAIC reflects our staff's professionalism, competence, and expertise in financial regulation."
NAIC's accreditation program gives state regulators greater confidence in each other's financial regulation practices and improves the potential for coordination across states.