Oregon Division of Financial Regulation earns NAIC accreditation
The Oregon Division of Financial Regulation (DFR) recently received its five-year accreditation from the National Association of Insurance Commissioners (NAIC). The association announced the news at its summer conference in Minneapolis, Minnesota, last week. The purpose of NAIC accreditation is to ensure that state insurance departments meet baseline standards of solvency regulation, particularly with respect to regulation of multistate insurers.
“We are honored to have earned accreditation, and it is due to the exceptional efforts of Division of Financial Regulation Deputy Administrator Kirsten Anderson, Chief Analyst Paul Throckmorton, and Chief Examiner Teresa Borrowman, along with the entire Insurance Institutions team,” acting Insurance Commissioner TK Keen said. “As financial transactions, filings, and company structures become more complex, we are proud to have a financial regulation team that is up for the challenge and has been recognized for its continued excellence.”
Accreditation is awarded only after a detailed, comprehensive review process. The accreditation program at NAIC includes a pre-accreditation review one year before the full review, a full accreditation review that occurs every five years, and interim annual reviews. The full accreditation review DFR underwent included an analysis of state laws and regulations, the agency’s financial analysis and examinations processes, oversight and organizational practices, and primary licensing and re-domestication practices.
“We take our responsibility to protect consumers very seriously in monitoring insurers for solvency and compliance,” Keen said. “Earning NAIC accreditation is a testament to our staff’s professionalism, competence, and expertise in financial regulation, and reaffirms our commitment to rigorous oversight.”
Getting accredited through NAIC’s program gives state regulators the ability to work with other states’ financial regulation practices and improves the potential for coordination across states through comprehensive exams and enforcement actions.
Contact information
Jason Horton, public information officer
503-798-6376
Jason.A.Horton@dcbs.oregon.gov
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