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Maine.gov > PFR Home > Insurance Regulation > All Press Releases > Maine’s Bureau of Insurance Awarded Reaccreditation by National Association of Insurance Commissioners
Augusta, Maine -
Governor John E. Baldacci and Bureau of Insurance Superintendent Mila Kofman announced on Wednesday that the Bureau has been awarded reaccreditation by the National Association of Insurance Commissioners (NAIC). First accredited in 1993, this is the agency’s fourth certificate of accreditation. It certifies that the Bureau maintains high standards and sound practices in the financial regulation of insurance companies.
“Reaccreditation of Maine’s Bureau of Insurance is a significant action. It recognizes the skills and dedicated service of Bureau employees. It also reaffirms the agency’s long-standing commitment to meet the challenges of a complex and ever-evolving insurance marketplace. Consumers can have confidence in the work being done to regulate the insurance industry in Maine,” Governor Baldacci commented.
Superintendent Kofman explained that the reaccreditation is for a five year period and follows an extensive review by NAIC staff, including on-site evaluations. The review covers areas of Bureau operations as they relate to the quality of the Bureau's financial examinations, financial analysis and the sufficiency of Maine's laws.
“This reaccreditation signifies a high level of confidence in the methods and procedures followed by the Bureau,” Kofman stated. “It also reflects well on the agency’s dedicated employees, who work diligently to protect consumers and oversee the solvency and soundness of the insurance industry in Maine.”
Because insurance is regulated at the state level, accreditation through the NAIC ensures that actions and decisions taken by Maine’s Bureau of Insurance can be relied upon by regulators across the nation. The Bureau will be evaluated again for accreditation purposes in 2013.
The National Association of Insurance Commissioners was established in 1871. Its mission is to assist state insurance regulators, individually and collectively, in serving the public interest and achieving the following fundamental insurance regulatory goals in a responsive, efficient and cost effective manner, consistent with the wishes of its members: Protect the public interest; promote competitive markets; facilitate the fair and equitable treatment of insurance consumers; promote the reliability, solvency and financial solidity of insurance institutions; and support and improve state regulation of insurance.
The Bureau of Insurance is part of the Department of Professional and Financial Regulation which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through its web site at www.maine.gov/insurance; by calling 800-300-5000 in state; or by writing to Bureau of Insurance, 34 State House Station, Augusta ME 04333.
Last Updated: April 7, 2009 2:45 PM
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