State Division of Insurance receives accreditation award The South Dakota Division of Insurance last month was honored with an Accreditation Award from the National Association of Insurance Commissioners (NAIC) following a review of the division's practices and adherence to state and national standards.
The award was given through NAIC's Financial Regulation and Accreditation Standards program and was presented to the South Dakota Division of Insurance on June 22, at the NAIC's Summer National Meeting in New York. Accredited insurance departments are required to undergo a comprehensive review every five years by an independent review team to ensure they continue to meet baseline standards. The standards require that insurance departments have adequate statutory and administrative authority to regulate an insurer's corporate and financial affairs, as well as have the necessary resources to carry out that authority.
Division of Insurance Director Gary Steuck said the recognition reflects the efforts of the division's hard-working staff.
"As I've only served as the division's director for several months, most of this effort took place before my appointment. The credit for the award goes mainly to Acting Director Wendell Malsam and his two assistants. Connie Hohn and Seth Doye," Steuck said.
The South Dakota Division of Insurance is part of the recently reorganized Department of Revenue and Regulation and is responsible for licensing and regulation resident and non-resident insurance agents and investigating consumer complaints.