Insurance Regulation:

The National Association of Insurance Commissioners' Accreditation Program Continues to Exhibit Fundamental Problems

T-GGD-93-26: Published: Jun 9, 1993. Publicly Released: Jun 9, 1993.

Additional Materials:

Contact:

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

GAO discussed the National Association of Insurance Commissioners' (NAIC) efforts to improve and standardize insurance solvency regulation. GAO noted that: (1) states have attempted to improve the quality of insurance regulation by adopting the financial regulation standards set forth in the NAIC accreditation program; (2) NAIC and its review teams have interpreted the financial regulatory standards permissively and accredited states with weak regulatory authorities and practices; (3) many state insurance departments are still working to adopt the original financial standards and may not be able to keep pace with the evolving NAIC standards; (4) specific work procedures and guidelines for planning, supervising, and conducting examinations of insurance companies' financial conditions do not exist; (5) NAIC standards have encouraged some states to make improvements in insurance regulation; and (6) NAIC willingness to improve its accreditation process, will better its chances at achieving effective solvency regulation under the current state system.

Jan 19, 2021

Nov 23, 2020

Nov 19, 2020

Oct 30, 2020

Oct 13, 2020

Oct 1, 2020

Sep 30, 2020

Sep 28, 2020

Jul 30, 2020

Jun 29, 2020

Looking for more? Browse all our products here