What Does National Association Of Insurance Commissioners Mean?
The National Association of Insurance Commissioners (NAIC) is the national organization comprised of all the insurance commissioners of the 56 states and territories of the United States. The NAIC is the professional body that establishes the operating standards and best practices for the entire insurance industry for possible adoption and implementation at the state or territory regulators’ level. As a unified regulatory organization, the NAIC has successfully implemented uniform financial reporting and has evolved into a dynamic, multidimensional support organization.
Insuranceopedia Explains National Association Of Insurance Commissioners
The executive committee, composed of NAIC officers, past presidents, and zone officers, directs the association, while the management committee, composed of six officers and headed by the NAIC president, oversee its day-to-day operations. As a national regulatory body, the NAIC aims to promote competitive markets, facilitate equitable treatment of insurance consumers, protect the public’s interest, support and improve state insurance regulation, and encourage the financial solvency and reliability of insurance companies.