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.
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?
State regulation has proven that it effectively protects consumers and ensures that promises made by insurers are kept. Insurance regulation is structured around several key functions, including insurer licensing, producer licensing, product regulation, market conduct, financial regulation and consumer services.
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.
Who makes up the National Association of Insurance Commissioners?
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.
National Association of Insurance Commissioners
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 purpose behind NAIC model laws?
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.
How do I file a complaint with Indiana Department of insurance?
Indiana consumers who would like to file a complaint against their insurance company or have questions to ask can do so by calling the Department's consumer hotline at 1-800-622-4461 consumerservices@idoi.in.gov.
NAIC WORD OF THE WEEK – UNDERINSURED MOTORIST COVERAGE
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.
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.
WOW! ILSA's Word of the Week – What is the National Association of Insurance Commissioners?
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.