Definition - What does Reporting Requirements mean?
Reporting requirements are information and data that companies must supply to government agencies.
All insurance companies of a certain size must adhere to reporting requirements. Government agencies have reporting requirements to protect both investors in the insurance company and the policyholders who rely upon it for insurance coverage.
Insuranceopedia explains Reporting Requirements
The National Association of Insurance Commissioners (NAIC) is the primary regulatory agency for insurance companies. The NAIC is a federal agency, and state insurance regulatory agencies typically follow its guidelines.
Failure to comply with the reporting requirements of a regulatory agency can result in punishment and penalties.