NAIC


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National Association of Insurance Commissioners

Also called the NAIC. A non-profit organization in the United States consisting of the heads of the insurance departments of each state and U.S. territory. The NAIC drafts model legislation and conducts other activities geared toward bringing together the insurance regulation laws in each state. The NAIC exists because each state may regulate insurance autonomously but it is advantageous for the states to have similar laws for the sake of consistency and to reduce jurisdictional arbitrage. The NAIC was established in 1871.

National Association of Investors Corporation

An umbrella organization of thousands of local clubs across the United States that encourages successful investment practices among members. In particular, the NAIC encourages members to make long-term investments in companies with high growth potential. It runs educational and support programs for members. It was established in 1951 and is based in Michigan. It is also called BetterInvesting.

NAIC

References in periodicals archive ?
The original NAIC Viatical Settlements Model Act was the subject of years of deliberation in order to capture the activities of the market at that time.
The work of the NAIC to modernize our life industry's valuation system demonstrates the states are capable of working together to make regulatory changes when it makes sense for the life insurance marketplace and consumers," says NAIC Vice President Julie Mix McPeak, who also serves as Tennessee Insurance Commissioner and PBR Implementation Task Force co-chair.
In April, for example, participants in a Life Insurance and Annuities Committee session at an in-person NAIC meeting in New Orleans said the American Academy of Actuaries wanted to see the NAIC rewrite the guide.
Centralized tracking of changes to the NAIC technology environment benefits cybersecurity efforts and strengthens NAIC's position for audits and certifications.
To date, the NAIC has created a guidance document that is more of a high-level overview of the program for regulators.
The NAIC Executive Committee had previously rejected the move to hire an outside consultant to review the association's policies.
He also accused the NAIC leadership of cronyism, and being under the "undue influence of two former [unnamed] commissioners," who continue to undermine the organization, and who are now after CEO Sen.
Vaughan headed the NAIC during a period when the insurance industry endured the fallout from the mortgage housing bubble in general and the takeover of the nearly-insolvent American International.
The NYSID works and provides leadership in many areas in the NAIC.
The agreement incorporates nonpublic information on financial solvency, insurance activities and thrift activities, as well as consumer complaints about the companies and thrift institutions NAIC members and OTS supervise.
NAIC members will hear presentations from Del Webb Corp.