National Association of Insurance Commissioners Totally Explained

Everything about The National Association Of Insurance Commissioners totally explained

The National Association of Insurance Commissioners (NAIC) is an Internal Revenue Code Section 501(c)(3) non-profit organization which seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners from around the United States. The NAIC was formed in 1871. The NAIC acts as a forum for the creation of model laws and regulations. Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted. The NAIC also acts at the national level to advance laws and policies supported by state insurance regulators. The NAIC also is responsible for creating the statutory accounting principles upon which insurance accounting is based.
The NAIC isn't a regulator; while its members are the insurance commissioners (for example, the chief insurance regulators) of each state and territory, the NAIC is a non-governmental organization that concerns itself with insurance regulatory matters but doesn't actually regulate. The states have not delegated their regulatory authority to the NAIC.
Although the NAIC's mandate is to benefit state regulators and insurance consumers by promoting uniform laws and regulations, they also make it easier for insurance companies to comply with the laws and regulations in all states in which they do business.

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