August 13, 2023
Missouri Department of Commerce and Insurance receives reaccreditation from NAIC
Jefferson City, Mo – The Financial Regulation Standards and Accreditation (F) Committee of the National Association of Insurance Commissioners (NAIC) voted to reaccredit the Missouri Department of Commerce and Insurance (DCI) for a full 5 years at the NAIC's 2023 Summer National Meeting. This is the highest recommendation level from the F Committee and certifies that DCI is meeting a standard that ensures all other states can rely on the department’s work, demonstrating DCI’s commitment to excellence when using statutory and administrative authority to regulate an insurer’s corporate and financial affairs.
“Our department undergoes a comprehensive, independent review every five years to ensure we meet financial solvency oversight standards,” said Chlora Lindley-Myers, Director of the Missouri Department of Commerce and Insurance and 2023 NAIC President. “Achieving those standards is one of the most important things the department can do to ensure there is a healthy and competitive insurance market in Missouri. I congratulate my team for their conscientious efforts in support of state regulation and their unwavering commitment to consumers and their protection. This reaccreditation is evidence of our dedication and accountability to the citizens we serve.”
A system of effective solvency regulation provides crucial safeguards for insurance consumers as consumers benefit when the insurance industry is strong enough financially to be able to pay and settle claims in a timely manner.
The accreditation program also allows for inter-state cooperation and reduces regulatory redundancies. All accredited states require financial examinations on all companies that are licensed in the state; however, in lieu of performing its own examination, a state may accept the examination report prepared by an accredited insurance department. This keeps costs low for companies and consumers, allowing other states to rely on the work performed by our department rather than conducting their own examination and analysis. This saves millions of dollars in duplicative costs.
DCI is charged with protecting Missouri consumers through oversight of the insurance industry, banks, credit unions, utilities, and various professional licensees operating in the state. For more information about the department, please visit our website at dci.mo.gov.