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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 North American Industry Classification System or NAICS (/ n eɪ k s /) [1] is a classification of business establishments by type of economic activity (the process of production).
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 Commissioners (NAIC). [2]
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 ...
The NAIC internal designation for the Annual Financial Reporting Model Regulation is MDL 205, where MDL stands for Model, and the number of the model rule is 205. [4] Because the regulation was issued by NAIC, which is not a federal agency with direct regulatory power, its adoption is on a state-by-state basis. [5]
The National Council on Compensation Insurance (NCCI) is a U.S. insurance rating and data collection bureau specializing in workers' compensation.Operating with a not-for-profit philosophy and owned by its member insurers, NCCI annually collects data covering more than four million workers compensation claims and two million policies.
IRIS uses the financial statements of the insurer to calculate a series of financial ratios, which are then taken as a measure of the insurer's overall financial condition.
NJM Insurance Group, originally known as New Jersey Manufacturers Casualty Insurance Company, formed as a workers’ compensation insurance company on June 7, 1913, two years after New Jersey passed the Workmen's Compensation Act [4] which required all employers to carry insurance coverage for injured workers. [5]