The District of Columbia Department of Insurance, Securities and Banking has received a five-year renewal of accreditation from the National Association of Insurance Commissioners.
DISB has been accredited since 1995, having paved stability for the department to meet national standards for regulation of the financial condition of insurance companies, it said in a statement announcing the reaccreditation.
“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 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.”
DISB’s Insurance and Risk Finance Bureaus regulate approximately 1,300 insurance companies, 167 captive insurance companies and risk retention groups and more than 100,000 insurance agents.
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.
