Last week, the Pennsylvania Insurance Department was reaccredited by the National Association of Insurance Commissioners for another five years.
The vote came during the 2024 NAIC summer meeting. Every five years, the state Insurance Department undergoes a thorough independent review to make sure it meets financial solvency requirements. That review also evaluates the department’s capabilities in its effectiveness in financial analysis and examination execution, organizational and personnel practices, and company licensing review standards.
In a statement, Pennsylvania Insurance Commissioner Michael Humphreys said that the program “promotes consistency among states ensuring effective and non-redundant regulation of insurers that operate throughout the country,” and that the standards are taken seriously as it reflects the department’s dedication to the citizens of the state.
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