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Christie Administration announces the National Association of Insurance Commissioners has reaccredited the Insurance Division

Department of Banking and Insurance Acting Commissioner Richard J. Badolato announced today that the National Association of Insurance Commissioners (NAIC) has reaccredited the Department’s Insurance Division for five years. The reaccreditation was announced today at the NAIC Summer National Meeting in Chicago. The NAIC reviews state insurance departments every five years to ensure they meet national solvency standards and have the proper statutory authority, expertise and procedures necessary for the financial oversight of the insurance industries in their respective states. “Naturally, we are very pleased that the NAIC has reaccredited the Department,” said Acting Commissioner Badolato. “This reaccreditation certifies to the insurance industry, the business community and consumers that the Department meets national regulatory standards and has the resources and expertise to carry out its mission.”

“We have an expert team of regulators who are dedicated to maintaining well-capitalized and ell-run insurance companies in New Jersey,” said Insurance Director Peter Hartt. “Their hard work made this possible. This reaccreditation is deserved recognition and validation of their work.” The Department oversees 292,021 banking, insurance and real estate licensees and regulates the conduct of more than 1,200 insurance companies. About the NAIC:

The National Association of Insurance Commissioners, headquartered in Kansas City, Missouri, is a voluntary organization of the chief insurance regulatory officers of the 50 states, the District of Columbia, and the five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. http://www.state.nj.us/dobi/pressreleases/pr150814.html