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NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. The NAIC is an Internal Revenue Code Section 501(c)(3) non-profit organization.
The Insurance Regulatory Information System (IRIS) is a database of insurance companies in the United States run by the National Association of Insurance Commissioners. IRIS is designed to provide information about insurers' financial solvency .
In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail. Between 1870 and 1872, 33 US life insurance companies failed, in part fueled by bad practices and incidents such as the Great Chicago Fire of 1871. 3,800 property-liability and 2,270 life insurance companies were operating in ...
The office of the insurance commissioner may be part of a larger regulatory agency, or an autonomous department. Insurance law and regulation is established individually by each state. In order to better coordinate insurance regulation among the states and territories, insurance commissioners are members of the National Association of Insurance ...
The agency moved from its previous office at 841 Silver Lake Blvd in Dover, Delaware to its current office at 1351 West North Street in Denver in 2019. [2]In 2022, the Department of Insurance released a study in conjunction with the Consumer Federation of America (CFA) that found that some auto insurance companies charge women up to 21% more in premium costs compared to men. [3]
The Model Audit Rule 205, Model Audit Rule, or MAR 205 are the commonly applied terms for the Annual Financial Reporting Model Regulation. [1] Model Audit Rule is a financial reporting regulation applicable to insurance companies, and borrows significantly from the Sarbanes Oxley Act of 2002 (see ‘key sections’ below).
During his term as insurance commissioner of Connecticut, Leonardi held multiple leadership positions at the National Association of Insurance Commissioners (NAIC), including being a member of its executive committee, [27] Chair of its International Insurance Relations Committee, [28] [41] Chair of its Financial Stability Task Force, [33] [41 ...
Therese Michele "Terri" Vaughan [1] (born June 12, 1956) [1] is an American insurance academic, regulator, and advisor. She was insurance commissioner of the state of Iowa for 10 years from 1994 to 2005, and was the CEO of the National Association of Insurance Commissioners (NAIC) for four years from February 2009 to December 2012.