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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).
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 1752, Benjamin Franklin founded the first American insurance company as Philadelphia Contributionship.In 1820, there were 17 stock life insurance companies in the state of New York, many of which would subsequently fail.
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.
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 .
The statutory accounting principles are a set of accounting rules for insurance companies set forth by the National Association of Insurance Commissioners in the United States. They are used to prepare the statutory financial statements of insurance companies.
Name Term Notes D. S. Butler July 1, 1947 - April 30, 1948 [3]Robert A. Crichton May 1, 1949 - June 30, 1952 Hugh N. Mills July 1, 1952 - June 30, 1953