The Department of Insurance and Financial Services Earns National Accreditation
(LANSING) The Michigan Department of Insurance and Financial Services (DIFS) was once again accredited by the National Association of Insurance Commissioners (NAIC) for its outstanding and professional regulation of insurers’ corporate and financial affairs. DIFS was recognized at the NAIC’s recent Spring National Meeting in New Orleans, LA where DIFS’ accreditation was renewed for five years. DIFS has been continuously accredited since 1995.
“Maintaining state accreditation is great news for Michigan-based insurers and demonstrates the quality of our department,” said DIFS Director Patrick McPharlin.
The NAIC accreditation program establishes and maintains sound solvency regulation standards. It provides for the effective regulation of multi-state insurance companies with emphasis on each state’s:
- financial solvency laws and regulations;
- financial analysis and examination capabilities;
- organizational and personnel practices; and
- insurer organizational review, licensing and change of control of domestic insurers.
For more information on the accreditation process visit the Financial Regulation Standards and Accreditation (F) Committee page.
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and 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 review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S.