Compiling...

The U.S. Virgin Islands Receives NAIC Accreditation

It's the first NAIC accreditation designation for the territory

The U.S. Virgin Islands Receives NAIC Accreditation

AUSTIN, Texas (Dec. 9, 2019) – The U.S. Virgin Islands Office of Insurance is now accredited under the National Association of Insurance Commissioners' (NAIC) Financial Regulation Standards and Accreditation Program. It was the first accreditation for the territory and was announced at the Fall National Meeting in Austin, TX.

"Accreditation by the NAIC is a recognition of the quality of work that is being done by our Division of Banking, Insurance and Financial Regulation. This is wonderful news for our Territory and people; as we continue to rebuild our lives and our economy," said Lt. Governor/Commissioner Tregenza Roach, U.S. Virgin Islands. "I am gratified by the NAIC action and grateful to my team of professionals whose work is making us shine."

Accredited insurance departments are required to undergo a comprehensive review by an independent review team every five years to ensure the departments continue to meet baseline financial solvency oversight standards. The accreditation standards require state insurance departments to have adequate statutory and administrative authority to regulate an insurer's corporate and financial affairs, and that they have the necessary resources to carry out that authority.

Connecticut, Massachusetts and New York were awarded continued accreditation during the meeting.

Read more about the NAIC's Accreditation Program.

About the NAIC

As part of our state-based system of insurance regulation in the United States, the National Association of Insurance Commissioners (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 www.naic.org.

Related Content

 

© 1991 - 2020 National Association of Insurance Commissioners. All rights reserved.
SM Insure U and Stop. Call. Confirm are registered service marks of the National Association of Insurance Commissioners.