The Maryland Insurance Administration received a five-year accreditation from the National Association of Insurance Commissioners following a comprehensive review.

The recognition of solvency regulation comes following an onsite review by the national organization this summer, the MIA said. The accreditation under the Financial Regulation Standards and Accreditation Program was recently awarded to regulators during the NAIC’s fall meeting held in National Harbor, Md.

Ralph S. Tyler

Maryland Insurance Commissioner Ralph S. Tyler said he was “pleased” his agency met all the NAIC requirements following the “rigorous review.”

“It means that we are conducting one of our primary functions of consumer protection – ensuring that companies are financially solvent – adequately, appropriately and in accordance with national standards,” Tyler said in a statement. “I am appreciative of the staff that do this important work so well and so professionally every day, as well as the team that specifically worked to successfully complete our onsite review by the NAIC.”

The voluntary accreditation by the NAIC stresses three key points to state regulators: the importance of adequate solvency laws and regulations in the various jurisdictions; the use of effective and efficient financial analysis and examination procedures; and appropriate organizational and personnel practices among accredited jurisdictions.

“As part of the cooperative state system of insurance regulation, it is important that Maryland be accountable to our fellow regulators, as well as the consumers that we protect,” Tyler said. “This program from the NAIC does that.”