TRENTON – New Jersey Department of Banking and Insurance (DOBI) Commissioner Tom Considine today announced that the National Association of Insurance Commissioners (NAIC) reaccredited the Department following a comprehensive review. The NAIC reviews state insurance departments every five years to ensure adequate statutory and administrative standards for financial solvency oversight. Accreditation is necessary for the Department to conduct its core mission of regulating the financial stability and efficiency of New Jersey’s insurance industry in a manner that protects consumers while promoting the growth of those markets.
“I’m very pleased that the NAIC has reaccredited the Department,” said Considine. “This reaccreditation tells the insurance industry, the broader business community and consumers that DOBI has been doing its job well and that it has the skills, resources, and know-how to continue carrying out its vital mission.”
NAIC accreditation provides DOBI with the license to continue financial solvency exams of its licensees including property and casualty, life and health carriers, insurance agents and brokers. The Department licenses and regulates more than 266,000 banking, insurance and real estate licensees, including more than 1,100 insurance companies. Considine hailed the accreditation as an important step in promoting business development.
“This is good news for consumers in a number of ways,” said Considine. “It could lead to more business development and will help promote to insurance carriers across the nation that New Jersey is open for business. Without the reaccreditation, insurance companies domesticated in New Jersey would re-domesticate to other states, likely taking jobs with them. Similarly, our efforts to attract new domestic companies would surely fail.”
About the NAIC
Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at: www.naic.org/press_home.htm
Additional information on insurance matters can be found at www.njdobi.org or by calling 1-800-446-7467.