Washington, DC—The District of Columbia Department of Insurance, Securities and Banking (DISB) is proud to announce that the District recently received accreditation renewal for a five-year term from the National Association of Insurance Commissioners (NAIC). The NAIC renewed the accreditation of both the Department’s Insurance and Risk Finance Bureaus. DISB has been accredited since 1995.

NAIC accreditation means that the Department meets national standards for regulation of the financial condition of insurance companies. 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.

DISB’s Insurance and Risk Finance Bureaus regulate approximately 1,300 insurance companies, 167 captive insurance companies and risk retention groups and more than 100,000 insurance agents. The bureaus perform in-depth financial analysis of District-domiciled insurers to ensure that these entities are solvent, and regulate insurers’ rates, forms and market conduct to ensure that Washingtonians are provided with the full benefit of their bargain with insurers.

“Accreditation from the NAIC ensures that District policyholders are receiving the highest level of service from domestic insurance companies that are being held to rigorous standards,” said DISB Commissioner Karima M. Woods. “District of Columbia insurance buyers can be confident in their purchase knowing their insurance industry is well-regulated in conformance with national standards and best practices.”

As part of the NAIC’s Accreditation Program, DISB must undergo a comprehensive, independent review every five years to ensure it meets financial solvency oversight standards. During this review, a team of independent consultants reviews the Department's compliance with the standards and develops a recommendation regarding the District's accreditation status.

The NAIC Accreditation Program was established to develop and maintain standards to promote effective insurance company financial solvency regulation. The purpose of the accreditation program is for state insurance departments to meet baseline standards of solvency regulation, particularly with respect to regulation of multi-state insurers.

All 50 states, the District of Columbia and the U.S. Virgin Islands are currently accredited.

For information on DISB programs and resources, visit disb.dc.gov or call (202) 727-8000.

About DISB

The mission of the Department of Insurance, Securities, and Banking (DISB) is three-fold:

(1) cultivate a regulatory environment that protects consumers and attracts and retains financial services firms to the District; (2) empower and educate residents on financial matters; and (3) provide financing for District small businesses.

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