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Michigan Department of Insurance and Financial Services Awarded Reaccreditation from National Association of Insurance Commissioners
August 30, 2021
FOR IMMEDIATE RELEASE: August 30, 2021
(LANSING, MICH) The Michigan Department of Insurance and Financial Services (DIFS) was awarded reaccreditation by the National Association of Insurance Commissioners (NAIC) for its outstanding and professional regulation of insurers' corporate and financial affairs. DIFS was recognized at the NAIC's recent Summer National Meeting where its accreditation was renewed for five years. DIFS has been continuously accredited since 1995.
"This honor is not only important for Michigan-based insurers, but also because it demonstrates the rigorous oversight provided by our department and the dedication of our staff members, who work hard every day to ensure these national standards are met," said DIFS Director Anita Fox. "DIFS appreciates the partnership and support we receive from the NAIC and our national peers as we work together to protect the public interest, promote competitive markets, and improve the regulation of insurance."
The NAIC Accreditation Program was established to develop and maintain standards to promote effective insurance company financial solvency regulation. The purpose of the accreditation program is for state insurance departments to meet baseline standards of solvency regulation, particularly with respect to regulation of multi-state insurers, with emphasis on each state's:
- financial solvency laws and regulations;
- financial analysis and examination capabilities;
- organizational and personnel practices; and
- insurer organizational review, licensing and change of control of domestic insurers.
For more information on the accreditation process, visit the NAIC website.
As part of the state-based system of insurance regulation in the U.S., the NAIC provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers. 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. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer reviews, and coordinate regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. For more information, visit NAIC.org.
The mission of the Michigan Department of Insurance and Financial Services is to ensure access to safe and secure insurance and financial services fundamental for the opportunity, security, and success of Michigan residents, while fostering economic growth and sustainability in both industries. In addition, the Department provides consumer protection, outreach, and financial literacy and education services to Michigan residents. For more information, visit Michigan.gov/DIFS or follow the Department on Facebook, Twitter, or LinkedIn.