We are independent & ad-supported. We may earn a commission for purchases made through our links.
Advertiser Disclosure
Our website is an independent, advertising-supported platform. We provide our content free of charge to our readers, and to keep it that way, we rely on revenue generated through advertisements and affiliate partnerships. This means that when you click on certain links on our site and make a purchase, we may earn a commission. Learn more.
How We Make Money
We sustain our operations through affiliate commissions and advertising. If you click on an affiliate link and make a purchase, we may receive a commission from the merchant at no additional cost to you. We also display advertisements on our website, which help generate revenue to support our work and keep our content free for readers. Our editorial team operates independently of our advertising and affiliate partnerships to ensure that our content remains unbiased and focused on providing you with the best information and recommendations based on thorough research and honest evaluations. To remain transparent, we’ve provided a list of our current affiliate partners here.
Finance

Our Promise to you

Founded in 2002, our company has been a trusted resource for readers seeking informative and engaging content. Our dedication to quality remains unwavering—and will never change. We follow a strict editorial policy, ensuring that our content is authored by highly qualified professionals and edited by subject matter experts. This guarantees that everything we publish is objective, accurate, and trustworthy.

Over the years, we've refined our approach to cover a wide range of topics, providing readers with reliable and practical advice to enhance their knowledge and skills. That's why millions of readers turn to us each year. Join us in celebrating the joy of learning, guided by standards you can trust.

What is the National Association of Insurance Commissioners?

By S. Frost
Updated: May 17, 2024
Views: 1,151
Share

The National Association of Insurance Commissioners (NAIC) is an organization that works on setting uniform policies regarding insurance. The insurance regulators from all states, the District of Columbia, and U.S. territories are part of the NAIC. This non-profit organization provides support to the insurance regulators so they can better serve the insurance consumers in their jurisdictions.

Insurance is regulated at the state level. Insurance regulators are the state-level bodies in charge of setting regulations for the state. The goal of the insurance regulatory system is to protect insurance consumers by providing guidelines for insurance companies operating in the state.

The National Association of Insurance Commissioners was formed in 1871 by the state insurance regulators. It was developed because of a need for more uniform regulation of insurance companies operating in multiple states. The original focus of the group was to enact a consistent method of reporting financial information from insurance companies.

Participation in the NAIC is voluntary for insurance regulatory officials. The organization offers classes and training courses for insurance regulators to provide education on insurance topics. It also created the Insurance Regulator Professional Designation Program to provide specific instruction for regulators.

The National Association of Insurance Commissioners receives its funding from various sources, including the states that choose to participate. The states pay membership fees to cover some of the NAIC's costs. Its funding also comes from various fees for services provided by the organization, and the sale of publications and data.

Each year, the National Association of Insurance Commissioners meets four times. The location changes with each meeting, but the NAIC tries to hold a meeting in each of the four areas of the country each year. These bring together the insurance regulators to discuss insurance issues with a national impact. Policies are established to regulate the national insurance issues when they are deemed appropriate. While some insurance topics are better suited for a state level, other issues need a national uniform policy established.

Insurance regulators receive support from the NAIC in many forms. In addition to education programs, the NAIC provides regular communication to regulators regarding insurance company financial information and insurance law changes. The state regulators can get advice on insurance law issues. States also receive technical support from the organization.

The National Association of Insurance Commissioners also provides education and support to insurance consumers. The Insure U program aims to educate consumers on insurance options and insurance topics in general. The program covers health, automobile, homeowners, renter's, and life insurance, as well as a special section for small business owners.

Share
WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.

Editors' Picks

Discussion Comments
Share
https://www.wisegeek.net/what-is-the-national-association-of-insurance-commissioners.htm
Copy this link
WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.

WiseGeek, in your inbox

Our latest articles, guides, and more, delivered daily.