National Association of Insurance Commissioners - Explained
What is the National Association of Insurance Commissioner?
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Back To: INSURANCE & RISK MANAGEMENT
What is the National Association of Insurance Commissioners?
The National Association of Insurance Commissioners (NAIC) is an organization created and governed by the chief insurance regulators from across the 50 states, the District of Columbia and five U.S. territories. The organization is responsible for protecting the interest of the consumers of the insurance industry.
What Does the National Association of Insurance Commissioners Do?
The association supports the state insurance regulators in establishing standards and best practices, conducting peer review and coordinating their regulatory oversight. The central resources of the NAIC along with the members of the association develop the national system of state-based insurance regulation. The NAIC was formed in 1871 with a goal of developing uniform financial reporting standards for insurance companies. The headquarter of NAIC is located in Kansas City. The NAIC assists the insurance regulators, individually and collectively, in serving the public interest and achieving certain fundamental regulatory goals. They aim to do it in a responsive, efficient and cost-effective manner, consistent with the wishes of its members. The goals of the NAIC are,
- 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; and
- Support and improve state regulation of insurance.
The members of the NAIC are the elected or appointed state government officials who are responsible for regulating the insurance companies in their respective state or territory. These officials along with the other staffs of their department regulate the conducts of the insurance companies and insurance agents. The President, Vice President and Secretary-Treasurer of the NAIC are elected each year by its members in a secret ballot. It has four operating zones: Northeastern, Southeastern, Midwestern and Western. Each zone has their own chair, vice chair, and secretary and they are the member of the NAICs executive committee. The NAIC has different divisions to run the organization efficiently. The divisions are executive, financial regulatory service, human resources, and internal services, information technology group, regulatory services, legal services, communications/ media relations, member services, and technical services. Each of these divisions works in their respective fields in order to provide an overall support to the organization in developing and administering the regulations for the insurance industry.
- What is insurance?
- Captive Agent
- Independent Agent
- Captive Insurance Company
- Combined Ratio
- Claims Adjuster
- Capital at Risk
- Assigned Risk
- Incurred But Not Reported
- Qualified Actuary
- Cession (Re-Insurance)
- Burning Cost Ratio
- What is an insurance contract?
- Accidental Means
- Anti-stacking Provisions
- What is an insurable interest?
- What are the common categorizations of insurance?
- National Association of Insurance Commissioners
- Insurance Regulatory Information System
- American Academy of Actuaries Definition
- American Association of Insurance Services Definition
- American Council of Life Insurance Definition
- American Insurance Association Definition
- American Risk and Insurance Association Definition
- LLoyd's of London
- Associate in Insurance Services (AIS) Definition
- Associate in Loss Control Management Definition
- Associate in Marine Insurance Management Definition
- Associate in Personal Insurance Definition
- Associate in Reinsurance (ARe) Definition
- Associate in Risk Management Definition
- Associate in Commercial Underwriting Definition
- Associate in Insurance Accounting and Finance Definition
- Associate in Surplus Lines Insurance Definition
- Chartered Insurance Professional Definition
- Chartered Life Underwriter Definition
- Chartered Property Casualty Underwriter Definition
- Vehicle insurancePrivate Passenger Auto Insurance Risk Profile
- Underinsured Motorist Coverage
- Uninsured Motorist Coverage
- Omnibus Clause
- Health Maintenance Organization
- Capitated Contract
- Point of Service Plan
- Children's Health Insurance Program
- Disability Insurance?
- Credit Disability Insurance
- Life Insurance?
- Cash Surrender Value
- Absolute Beneficiary
- Acceleration Life Insurance
- Accelerated Benefit
- Accelerated Option
- Accelerative Endowment
- Charitable Gift Life Insurance
- Incontestability Clause
- Waterfall Concept
- Assumed Interest Rate
- Clean Sheeting
- Hazard Insurance
- Homeowners, Renters, and Fire Insurance?
- Participating Community (Flood Insurance)
- Insurance Considerations for Business
- Business Liability Insurance
- Commercial General Liability
- Liability Risk Retention Act
- Excess Insurance and Umbrella Insurance Policy
- Business Interruption Insurance
- Key Person Insurance Definition
- Own-Occupation Policy
- Self-Funded Health Insurance Plan
- Basket Retention Policy
- Commercial Blanket Bond
- Alternative Risk Transfer Market Definition
- Commercial Property Casualty Market Index Survey
- What are the primary obligations of the insurer?
- Earned Premium
- Reservation of Rights Letter
- Collateral Source Rule
- What are the primary obligations of the insured?
- Insurance Premium
- Affidavit of Loss
- What is the general structure of an insurance contract?
- Ambiguity Principle
- Accommodation Line
- What are the common disputed provisions in an insurance contract?
- Absolute Exclusion
- All Risks Clause
- What is required for the termination of an insurance contract?
- Risk Management
- Professional Risk Manager
- Associate in Management (AIM)
- Financial Risk Manager
- Forecasting (Business)
- Objective Probability
- Unconditional Probability
- Enterprise Risk Management (ERM)
- Operational Risk
- Business Recovery Risk
- Political Risk
- Asset Protection
- Performance Bond
- Barra Risk Factor Analysis Definition
- Above Ground Risk (Mining Industry)
- Bumbershoot Policy (Maritime)
- Abandonment Clause (Boat or Vessel)
- Bobtail Liability Insurance (Trucking Industry)
- Anti-Indemnity Statute (Construction)