Dept of Insurance renews national accreditation

DOVER — After anticipating accreditation from the National Association of Insurance Commissioners (NAIC) in March at their meeting in Phoenix, the Delaware Department of Insurance earned a five-year accreditation from the organization Tuesday.

The cancellation of the NAIC spring meeting due to COVID-19 led to a months-long delay in confirmation after the department completed on-site reviews in February. NAIC’s Financial Regulation Standards and Accreditation Committee’s intensive assessment consisted of an in-depth review of department regulations, state laws, financial analyses and examinations of companies, personnel practices, licensing, and interaction with domestic insurers.

The accreditation renewal signals the department’s performance in these specific areas, but also the achievement of widespread consumer protection – ensuring that companies are financially solvent, safeguards their ability to pay consumer claims when they arise without going under and taking paid premiums with them.

In total, Delaware-domiciled insurers held approximately $650 billion in assets at year-end 2019. BERG completed 26 financial exams and reviewed an additional 750 projects and form submissions in 2019, completing 485 hours of training as well. The work of BERG preserves a healthy, competitive market, while protecting the public.