National Association of Insurance Commissioners


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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.
References in periodicals archive ?
The National Association of Insurance Commissioners is closer than ever to ending the long held practice of mandating non-admitted reinsurers to post 100% collateral for their U.
NJ CURE joins CFA in urging the National Association of Insurance Commissioners to act before competitive pressures lead to broader use of these harmful criteria.
Kummer said that among other advantages, the IICMVA system doesn't have the types of confidentiality issues that seem to go along with proposals the National Association of Insurance Commissioners is considering.
Senate Bill 5476, based on the model settlement act of the National Association of Insurance Commissioners (NAIC), protects seniors through comprehensive regulation over life settlements, including numerous disclosures, licensing requirements and strong anti-fraud measures.
The National Association of Insurance Commissioners is close to creating an interstate compact to streamline and unify insurance regulation across the United States.
He served in a regulatory capacity as Superintendent of Insurance, State of New York, Commissioner of Insurance, State of Maryland, and President of the National Association of Insurance Commissioners.
FSRs are based upon statutory insurance accounting principles prescribed or permitted by the National Association of Insurance Commissioners (NAIC).
Opposition to the measure also has come from the National Association of Insurance Commissioners, the National Association of Mutual Insurance Companies and the Independent Insurance Agents & Brokers of America.
federal authorities mounting, the National Association of Insurance Commissioners is studying easing collateral requirements for nonadmitted reinsurers.
31, 2007, the National Association of Insurance Commissioners will kick off discussion at a future meeting set to take place in New York.

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