281:, state insurance commissioners formed the National Insurance Convention in 1871 to coordinate; this became the National Convention of Insurance Commissioners and then the National Association of Insurance Commissioners. During the first session, a uniform annual statement was adopted and life insurance companies but not fire insurance companies were required to make reserve deposits to protect their policyholders. In the second session a model law was passed; many states adopted a standard fire insurance policy known as the New York Standard Fire Policy of 1886. It has been argued that the policy was designed to favor the industry, as it contains various conditions which, if not adhered to, render the policy void.
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336:, who are elected annually by the membership by secret ballot. To help organize 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 committee. NAIC also maintains additional standing committees to address specific charges as approved by NAIC leadership.
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Although the NAIC's mandate is to benefit state regulators and insurance consumers by promoting uniform laws and regulations, by promoting uniformity of regulation among the states, it also makes it easier for insurance companies to comply with the laws and regulations in all states in which they do
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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. The states
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Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with
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The NAIC holds three national meetings a year, in the spring, summer, and fall throughout the United States. Members of state insurance departments, NAIC staff, and insurance industry representatives gather to learn about new, upcoming NAIC initiatives on emerging topics in the field of insurance
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The NAIC acts as a forum for the creation of model laws and regulations. Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted. The NAIC also acts at the
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regulation. During the meeting, committees, task forces, and working groups gather to discuss and review drafts of new and revised model laws, guidelines, and white papers. All amendments and committee actions are recorded in a memorandum and made available on the NAIC website.
235:(GAAP) and is notable for its very conservative valuation methods. Additionally, the NAIC promulgates the NAIC annual statement which incorporates SAP and must be filed with the department of insurance in every state in which an insurance company writes business.
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serve as the permanent record of all NAIC actions, including model laws and regulations, as well as committee and task force minutes and reports. The current and some archival issues of the
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the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. The NAIC is an
Internal Revenue Code Section
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national level to advance laws and policies supported by state insurance regulators. The NAIC also is responsible for creating the
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In March 2024 the NAIC has announced Gary
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are publicly available for download in PDF format on the NAIC Publications department website.
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Government-related professional associations in the United States
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532:. Delaware Department of State. Retrieved December 21, 2019.
504:. Albany, NY: State University of New York. pp. 52–53.
663:, free full-text for 1995-2005 of discontinued publication.
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have not delegated their regulatory authority to the NAIC.
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The political economy of regulation: the case of insurance
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Professional associations based in the United States
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544:"National association stays on Missouri side of KC"
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297:on October 6, 1999. NAIC's central office is in
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526:National Association of Insurance Commissioners
255:Following every national meeting, the official
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624:"NAIC Announces Gary Anderson as CEO"
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435:McAdam, Jennifer (April 14, 2018).
412:"NAIC Meetings, Calls & Events"
285:Organization structure and officers
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542:Brent Martin (October 14, 2010).
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133:Chief Executive Officer
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351:David Altmaier (2021)
299:Kansas City, Missouri
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211:Mission and function
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60:Headquarters
34:Abbreviation
669:(in German)
550:October 18,
265:Proceedings
261:Proceedings
203:, and five
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71:Coordinates
682:Categories
634:2024-03-17
592:2012-03-12
583:"NAIC FAQ"
478:2018-04-19
421:2018-04-19
397:2018-04-19
374:References
243:business.
83:94°34′57″W
80:39°06′01″N
453:April 19,
334:treasurer
330:secretary
318:president
218:501(c)(3)
197:50 states
195:from the
110:President
500:(1988).
473:naic.org
416:naic.org
392:naic.org
362:See also
295:Delaware
628:AP News
571:. 2021.
301:in the
271:History
154:Website
141:content
119:content
50: (
42:Founded
588:. NAIC
508:
328:, and
275:After
199:, the
147:/about
125:/about
66:, U.S.
586:(PDF)
569:(PDF)
447:(PDF)
440:(PDF)
161:.naic
143:.naic
121:.naic
552:2010
506:ISBN
455:2018
189:NAIC
183:The
163:.org
145:.org
123:.org
52:1871
45:1871
37:NAIC
609:".
528:".
293:in
159:www
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