CHICAGO – The Illinois Division of Insurance was once again accredited by the National Association of Insurance Commissioners’ (NAIC) for its outstanding and professional regulation of insurers’ corporate and financial affairs. The NAIC’s Financial Regulation Standards and Accreditation Program recognized the Division on Dec. 6, when it renewed the Division's accreditation for five years without condition. The NAIC's accreditation program assures that the financial regulatory efforts of the Division satisfy the national standards upon which other states, consumers and the insurance industry rely.
“We appreciate the NAIC’s recognition of our dedicated and experienced financial regulator staff. Our state regulator expertise and vigilance forces the insurance industry to minimize or avoid involvement with financial instruments that have greatly affected the solvency of companies in other financial service sectors. While we are in the midst of unprecedented challenges, I am proud of our staff for continuing this tradition of Illinois' regulatory excellence,” said Michael T. McRaith, Acting Secretary of the Illinois Department of Financial and Professional Regulation and Director of Insurance.
The NAIC assists 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.
“We are proud to present an NAIC Financial Regulation and Accreditation Standards Award to the Illinois Division of Insurance,” said 2008 NAIC President and Kansas Insurance Commissioner Sandy Praeger. “This award is a tribute to the dedicated, experienced regulators in Illinois who do their best to oversee the insurance market and protect the policyholders in their state.”
Accredited insurance departments are required to undergo a comprehensive review by an independent review team every five years to ensure departments continue to meet baseline financial solvency oversight standards. IDPFR/DOI received this award after an independent team from the NAIC comprehensively reviewed the Division’s enforcement of financial standards for insurance companies, which are designed to prevent insolvencies and assure proper payment of policyholder benefits.
The Division's Financial Corporate Regulatory Section’s financial examination staff has principal responsibility for examining nearly 370 Illinois-based insurers at least once every five years. Another team of financial regulatory staff uses quarterly, annual, and other necessary reports to conduct ongoing reviews of insurers’ financial performance. The Division also has experts who oversee insurance company receiverships, new insurer admissions, insurance company taxation, and surplus lines insurance.
If you have questions or concerns regarding your insurance coverage, please call the Illinois Division of Insurance at 1-877-527-9431 for health insurance questions and 1-866-445-5364 for all other inquiries. You can also visit the Division website at http://www.idfpr.com/DOI/default2.asp. For tips on how to choose the best coverage to meet your changing insurance needs, visit www.insureUonline.org.
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