The Kansas Insurance Department announced the state has received accreditation from the National Association of Insurance Commissioners for the next five years.
The NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices,conduct peer review, and coordinate their regulatory oversight.
“Accreditation is a critical component of maintaining our ability as a state to regulate companies domiciled in Kansas,” said Insurance Commissioner Vicki Schmidt.
The multi-state accreditation program was started in 1990 after results from a congressional report highlighted a need for increased interstate cooperation and improved state-level regulatory monitoring. The states and territories have worked together through the NAIC to develop national standards to promote best practices for regulating the financial solvency of insurance companies. Multi-state accreditation allows one state to rely on the accredited regulatory work of another state to provide effective and efficient oversight.
The Kansas Insurance Department will be up for accreditation again in 2026.
Source: Kansas Insurance Department
Topics Kansas
Was this article valuable?
Here are more articles you may enjoy.
Big ‘I’ Report: Independent Agency Channel Placed 62% of Premiums in 2023 
US Judge Skeptical of Biden Overtime Pay Rule 
‘Great Resignation’ Enters Third Year as Workers Embrace AI, Upskilling, PwC Says 
QBE to Non-Renew $500M of North American Mid-Market Biz 
