Tuesday, December 8, 2009

WA insurance commissioner retains national accreditation

Washington state's Office of the Insurance Commissioner has retained national accreditation as a regulator following an audit by the National Association of Insurance Commissioners.

Insurance Commissioner Mike Kreidler received the award at the NAIC's winter meeting over the weekend. Accreditation means that the office's ability to monitor insurance companies for financial stability -- which is a big part of what the agency does -- meets or exceeds national standards.

Accreditation was lost in 1999 under a prior administration. An NAIC audit at the time found that staffing levels, training, exam procedures, timeliness and oversight at the agency were not up to national standards.

Kreidler made restoring accreditation a top priority when he took office in 2001, and the agency was re-accredited six months after he took office.

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