What is NAIC reporting?

Search NAIC The NAIC Financial Regulatory Services Department prepares “Insurance Industry Snapshots” and “Insurance Industry Analysis Reports” to assist consumers in better understanding developing trends in the insurance industry. The reports cover the P&C, Title, Life, Fraternal and Health Insurance Industry.

What is NAIC stand for?

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.

What is the NAIC and what is its purpose?

The NAIC sets standards and establishes best practices for the U.S. insurance industry and provides support to insurance regulators. It also provides information and resources to consumers. 1 Insurance products sold in the U.S. are largely regulated by the states, rather than the federal government.

Is NAIC a regulator?

NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators.

What is NAIC license number?

All licensed and authorized insurance companies in the U.S. are assigned a five-digit NAIC code that represents their primary area of business within the insurance industry. Consumers can find out information about insurance companies, any complaints, licenses, their financial health and more.

What is an NAIC group code?

What Is A NAIC Code? An NAIC insurance company code is a five-digit code that is assigned to an insurance company by the National Association of Insurance Commissioners (NAIC), which is an organization created to conduct regulatory oversight of insurance practices in the U.S.

Is NAIC legitimate?

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.

Why was the NAIC created?

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.

Is NAIC org legit?

NAIC is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators. We assist state insurance regulators, individually and collectively, in serving the public interest.