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Banking and insurance division wins reaccreditation; money‑transmission fee and Avenue Connect boost collections
Summary
The Division of Banking, Insurance and Financial Regulation reported reaccreditation by the National Association of Insurance Commissioners, implementation of a 3% money‑transmission fee (Act 89‑36), and the Avenue Connect platform’s return of more than $1.0 million to residents.
The Division of Banking, Insurance and Financial Regulation told the committee it was granted reaccreditation by the National Association of Insurance Commissioners (NAIC) for a five‑year period after an accreditation review component was presented at the NAIC national meeting.
Director Glendina Matthew told senators the division collected $34,546,404 in FY2024 and, as of June 30, 2025, has collected $28,610,176.98 across its…
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