December 8, 2003
FOR IMMEDIATE RELEASE
CONTACT: Chris Goetcheus
Division of Insurance Receives National Reaccreditation
for Financial Oversight of Insurers
(Boston, MA) A panel of the nation's insurance regulators has approved a (5) five-year re-accreditation for the Massachusetts Division of Insurance, affirming that the Massachusetts regulatory agency meets the National Association of Insurance Commissioners ("NAIC") stringent requirements for monitoring the financial solvency of Massachusetts-based insurers.
The approval followed a weeklong in-house audit in November by a NAIC team that reviewed the Division's financial analysis and examination staffs in their duties to regulate the financial solvency of the state's 94 domestic insurers. The Division scored very high on NAIC criteria including: depth of solvency review and examination processes, documentation of analysis, appropriate supervisory review and procedures for dealing with troubled companies.
Commissioner Julianne M. Bowler praised the ongoing efforts of the staffs led by Director of Financial Analysis Robert Dynan, CPA and Director of Financial Examinations and Chief Administrative Examiner John Ritacco, CPA. "While our staffs are smaller than many states, this national recognition is a tribute to the level of talent and dedication they consistently employ and the success of an internal structure where communication, cooperation and mentoring make the difference."
The Massachusetts Division of Insurance conducts solvency examinations of life and property and casualty insurers, health maintenance organizations, workers' compensation self-insurance groups and fraternal benefit organizations. In 2003, the Division completed 22 examinations with 31 still in progress. It has regulatory oversight of $55.4 billion in direct premium worldwide.
The NAIC adopted its formal certification program in 1990, under which state insurance regulators must submit to an annual evaluation process and undergo a full recertification review every (5) five years.