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FOR IMMEDIATE RELEASE NAIC
EXPEDITES NATIONWIDE LICENSING ORLANDO, Fla. (March 31, 2008) — The National Association of Insurance Commissioners (NAIC) today announced that 45 jurisdictions have licensed new bond insurer Berkshire Hathaway Assurance Corp. (BHAC). The company's licensure was coordinated via an NAIC application that expedites the approval process. BHAC’s expedited licensure is part of a three-pronged regulatory response to concerns about the bond insurance market that (1) addresses the continued availability of AAA-rated bond insurance for municipalities; (2) deals with distressed companies by working to bolster contingency reserves; and (3) considers new and/or revised rules and regulations. “It is a remarkable success story that state insurance regulators, by working together, licensed a new financial guaranty insurer in nearly every state — not within months, but within weeks,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “By providing a streamlined, uniform application process, we were able to facilitate the speedy entrance of a well-capitalized company into the bond insurance marketplace.” First licensed by the New York State Insurance Department, BHAC submitted an expansion application in February 2008 via the NAIC’s Uniform Certificate of Authority Application (UCAA). To date, BHAC has been licensed in the following jurisdictions: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming. For more information about UCAA, visit www.naic.org/industry_ucaa.htm.
About the NAIC Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC at www.naic.org/press_home.htm.
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©2008 National Association of Insurance Commissioners. All rights reserved. | ||
