Following a comprehensive review, the New York State Insurance Department is now accredited through the National Association of Insurance Commissioners’ Financial Regulations Standards and Accreditation Program.

Roger Sevigny

Roger Sevigny, the NAIC’s president, called the accreditation program “the cornerstone of solvency regulation,” in a statement, adding that “it helps keep us accountable to one another.”

“By obtaining accreditation, New York has demonstrated its continued commitment to the NAIC and state-based financial solvency regulation,” said Sevigny, who also serves as New Hampshire insurance commissioner.

James J. Wrynn, New York’s insurance superintendent, said the state’s decision to seek accreditation underlines the commitment by all state regulators “to policyholder protection through solvency regulation.”

Accredited insurance departments must undergo a comprehensive review by an independent review team every five years to ensure that they 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.

The accreditation was recognized at the NAIC’s Fall National Meeting in National Harbor, Md.