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 ?
She reminded the farmers that NAIC was specifically set up to indemnify farmers that insured their farms with the Corporation and that given the nationwide spread of NAIC branches which are located in the 36 states of the federation including the Federal Capital Territory (FCT).
One complicating factor is that the National Council of Insurance Legislators is already at (https://www.insurancejournal.com/blogs/2019/07/13/532167.htm) work on its own insurance modernization model legislation, and they are almost certain to beat the NAIC to the finish line.
Also on the panel, which will debate the NAIC accreditation program and legislative prerogatives, will be David Counts, a member of the Texas House of Representatives, David J.
"Technology and consumer expectations are shaping how insurance companies operate, and regulation must keep pace with this change," said Andy Beal, NAIC Chief Operating Officer and Chief Legal Officer.
"On behalf of the officers and members of the NAIC, I want to thank Sen.
Hired in January to her post at the NAIC Urias views her job as an ambassador--articulating to the insurance industry, global regulators, the Federal Insurance Office, and others, the positions developed by the NAIC on global capital standards and other international issues.
11 letter alleged that one of the most egregious examples by the Executive Committee was the decision by last year's president, Kevin McCarty of Florida, "to give the Federal Insurance Office (FIO) one of the NAIC's three seats on the International Association of Insurance Supervisors (IAIS) Executive Committee."
NAIC Designations are opinions of credit quality that range from NAIC 1, being the highest quality, to NAIC 6, being the lowest quality.
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.
Many of us had hoped that NAIC would provide leadership by encouraging the states to ratify legislation consistent with the "one state" concept of regulation and tax remittance--the hallmark of the legislation--and to enact the national standards for company eligibility, exempt commercial purchaser and electronic licensing procedures that the law mandates.
The NAIC is said to have hired BlackRock, Inc to review about 7,000 mortgage-backed securities.