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.

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Complaints by Line of Coverage in 2006 Complaints by Line of Coverage in 2006 Line Total Percentage Auto 71,302 37.4% Accident and Health 62,954 33.0% Homeowners 24,785 13.0% Life and Annuity 16,939 8.9% Commercial Multi-Peril 3,521 1.9% Source: National Association of Insurance Commisioners

Facts & figures

Best Company, Insurance Information Institute, National Association of Insurance Commisioners, U.S.

Insurers by domicile

Worse, a loophole in regulation promulgated by the National Association of Insurance Commisioners allows companies to hold reserves substantially lower than intended by the regulators, given the product guarantees.

Life insurance in 2005: Sternberg criticizes no-lapse pricing and assesses the political landscape