The New Jersey Department of Banking and Insurance and the District of Columbia Department of Insurance, Securities and Banking have both been reaccredited by the National Association of Insurance Commissioners.
New Jersey Department of Banking and Insurance (NJDBI) Commissioner Marlene Caride announced that the department has received reaccreditation for both insurance and banking, certifying that the department meets the standards and practices set by the National Association of Insurance Commissioners (NAIC) and the Conference of State Bank Supervisors.
The District of Columbia Department of Insurance, Securities and Banking (DSIB) also recently announced that it has received reaccreditation for the new five-year term. DISB Commissioner Karima M. Woods noted that "[a]ccreditation from the NAIC ensures that District policyholders are receiving the highest level of service from domestic insurance companies that are being held to rigorous standards.
The NAIC accreditation program reviews state insurance departments every five years to ensure that they meet financial solvency oversight standards. The announcements were made on August 13, with the reaccreditation decisions made during the NAIC Summer National Meeting.