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NAIC’s complaint index shows the number of complaints lodged against a company, broken down by product line. With a benchmark index of 1.0, anything above that indicates a higher number of ...
Rates are guaranteed, and prices are competitive. A drawback, however, is that Colonial Penn has a higher-than-average NAIC Complaint Index score. Learn more: Colonial Penn Insurance review.
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.
In response to the disruption, the National Association of Insurance Commissioners (“NAIC”) adopted several model reforms for state insurance regulation, including risk-based capital requirements, financial regulation accreditation standards, [17] guaranty associations and an initiative to codify accounting principles into the modern ...
While most insurance commissioners are appointed, in some jurisdictions they are elected. [1] 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 2008 Bristol West had a complaint ratio of 3.42 while the national median was 1.0 according to the NAIC. [46] [failed verification] In 2006, Farmers Insurance received the highest number of complaints to state insurance departments in Washington [28] [29] and Oregon. [47] [48]
The Fraud Division receives over 25,000 criminal complaints each year from insurance carriers and members of the public. The sworn investigators, who carry the rank of Detective, carry out the investigations in a vertical prosecution manner with the local district attorney.
The Insurance Commissioner has jurisdiction over complaints against all persons engaged in the business of insurance, and hears all matters either in person, by authorized disinterested employees, or by hearing examiners appointed by the Commissioner for that purpose.