BISMARCK, N.D. (NDID) – The North Dakota Insurance Department has received a five-year accreditation renewal from the National Association of Insurance Commissioners (NAIC) to examine and review the financial solvency of insurance companies in North Dakota.

The NAIC’s Financial Regulation Standards and Accreditation Committee approved the accreditation during the NAIC Fall National Meeting in Tampa. The committee, comprised of state insurance regulators from across the country, voted unanimously to approve the accreditation renewal

“I’m very proud of the entire department, but especially our company licensing and examination team who have demonstrated careful organization and thorough review of the financial information our office examines,” said Insurance Commissioner Jon Godfread. “Their role in our office is extremely critical to the stability of the insurance market in North Dakota.”

A team of auditors visited Bismarck in September to examine the Department’s work to ensure accuracy and organized documentation when completing financial solvency examinations and on-going analysis of insurance companies.

“North Dakota is well positioned to continue to review the financial solvency of insurance companies doing business in the state. Policyholders can continue to trust that the insurance policies they purchase will be there when they need them,” said Matt Fischer, Chief Examiner and Company Licensing Division Director.

Holding accreditation allows other states to rely on the financial solvency work produced by the Department.