What is the role of the National Association of Insurance Commissioners?
The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
The NAIC: Who We Are and What We Do
What are the four broad objectives of the National Association of Insurance Commissioners?
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.
Who belongs to the NAIC?
The National Association of Insurance Commissioners (NAIC) is a nonprofit, nonpartisan organization governed by the chief insurance regulators of the 50 states, the District of Columbia, and the five U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.
What does the NAIC consist of?
The NAIC is a nonprofit, nonpartisan entity consisting of the head insurance regulators of each of the 50 states, the District of Columbia and all five of the U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the Virgin Islands.
Is the National Association of Insurance Commissioners legitimate?
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
National Association of Insurance Commissioners
How does the NAIC divide the US for oversight purposes?
To help organize the NAIC's efforts, the United States has been divided into four geographic zones: Northeastern, Southeastern, Midwestern and Western. Each zone has its own chair, vice chair and secretary who sit on the NAIC's Executive (EX) Committee.
What is the role of a regulatory agency in the insurance industry?
Monitoring and preserving the financial solvency of insurance companies; Regulating and standardizing insurance policies and products; Controlling market conduct and preventing unfair trade practices; and.
Who are members of NAIC?
- Dean L. Cameron. NAIC President. …
- Chlora Lindley-Myers. NAIC President-Elect. Director, Missouri Department of Commerce and Insurance.
- Andrew N. Mais. NAIC Vice President. …
- Jon Godfread. NAIC Secretary-Treasurer. …
- Michael Consedine. Chief Executive Officer.
- Andrew Beal. Chief Operating Officer and Chief Legal Officer.
National Association of Insurance Commissioners
Is the NAIC a regulator?
The NAIC is not a regulator; while its members are the insurance commissioners (i.e., the chief insurance regulators) of each U.S. state and six territories, the NAIC is a non-governmental organization that concerns itself with insurance regulatory matters but does not actually regulate.
Who created the NAIC?
The NAIC was created in 1871 by state insurance regulators with the intent to standardize the regulation of insurers who conducted business in multiple states, and to promote the uniformity of financial reporting by insurers from one state to another.
What are the objectives of the National Association of Insurance Commissioners?
The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
National Association of Insurance Commissioners
What is the mission of the NAIC?
Our members are state insurance regulators from diverse backgrounds—but are united in their shared commitment to set standards and ensure fair, competitive, and healthy insurance markets to protect consumers. The singular mission of the NAIC is to support our members in these noble causes.
What do NAIC models include?
The NAIC Model Laws, Regulations, and Guidelines (available in the library) contains documents promulgated by the National Association of Insurance Commissioners as proposed statements of insurance laws that should be adopted by the 50 states.
What is the main reason for the NAIC model legislation?
The purpose of the NAIC Model Law is to establish standards for data security and breach notification for licensees. Licensees (individuals and nongovernmental entities, like insurance agents/agencies) are required to be authorized in accordance with their state's laws.
Keynote Address Eric Cioppa, President, National Association of Insurance Commissioners
Who are members of the NAIC?
- Dean L. Cameron. NAIC President. …
- Chlora Lindley-Myers. NAIC President-Elect. Director, Missouri Department of Commerce and Insurance.
- Andrew N. Mais. NAIC Vice President. …
- Jon Godfread. NAIC Secretary-Treasurer. …
- Michael Consedine. Chief Executive Officer.
- Andrew Beal. Chief Operating Officer and Chief Legal Officer.
What is the purpose of NAIC?
The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
What does the NAIC consist of?
The NAIC is a nonprofit, nonpartisan entity consisting of the head insurance regulators of each of the 50 states, the District of Columbia and all five of the U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the Virgin Islands.
National Association of Insurance Commissioners Reciprocal Jurisdiction Status
What is NAIC group?
The National Association of Insurance Commissioners (NAIC) is a nonprofit, nonpartisan organization governed by the chief insurance regulators of the 50 states, the District of Columbia, and the five U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.