The New York Insurance Department has finally been accredited by the National Association of Insurance Commissioners after operating for nearly two decades without NAIC's official seal of approval.
At the NAIC's national meeting in National Harbor, Md., New York was recognized for meeting the requirements of the organization's Financial Regulations Standards and Accreditation Program.
"The accreditation program is the cornerstone of solvency regulation, and it helps keep us accountable to one another," said NAIC President Roger Sevigny, who is New Hampshire's insurance commissioner. "By obtaining accreditation, New York has demonstrated its continued commitment to the NAIC and state-based financial solvency regulation."
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