Idaho insurance watchdog earns national accreditation

Overseeing the state’s insurance industry, an Idaho agency has earned recognition for its work toward protecting consumers in the Gem State.

The Idaho Department of Insurance has earned accreditation from the National Association of Insurance Commissioners (NAIC) again, after a full review by independent consultants. The department undergoes the process every five years.

The process “ensures that Idaho maintains regulatory authority over its own insurance market, helping to keep companies based in-state,” the department stated in a release. Accreditation also keeps unnecessary regulatory costs lowered, which in turn reduces premiums.

“This accreditation is more than a regulatory milestone ― it’s a promise to Idaho families, businesses and communities that we are watching out for them,” said Dean Cameron, director of the agency. “When you pay your insurance premiums, you’re trusting that your insurer will be there when you need them most. Our accreditation means we have the tools, expertise and oversight in place to help make sure that trust is well-placed.”

Along with Idaho, the insurance departments in Kentucky, Oklahoma and Vermont received accreditation as well.

NAIC’s accreditation program, according to a statement, “was established to promote effective solvency regulation, particularly for insurers operating across multiple states. Accreditation ensures that state departments have the necessary laws, practices and organizational expertise to monitor the financial health of insurance companies and protect policyholders.”

Cameron said the program is “comprehensive and demanding process” to promote consistency and coordination between state regulators.

“This achievement reflects the dedication and professionalism of our team,” he said. “I’m incredibly proud of their work in upholding these standards.”