If you are wondering about the National Association Of Insurance Commissioners (NAIC), you should know that it is an organization composed of the 50 different insurance commissioners in the United States.
Insurance as we know it is a regulated industry, what most people do not know is that each state has an insurance commissioner that oversees the conduct of insurance companies in each state. The NAIC provides support for the state insurance commissioners.
The NAIC itself provides guidelines on the best practices in the industry as well as regulations. Each state, however, is free to modify the implementation of the regulations and guidelines. For the most part, though, the laws governing the industry are pretty standard no matter what the state, although it’s fair to assume there might be differences in the regulations with regard to different insurance products. The main idea behind the NAIC, though, is to provide uniformity in all 50 states so it would be easy for the different insurance companies including family insurance to comply with the law.
What this means is that if you are someone who is looking for an insurance product, any type of insurance product, it is important to take note of the different insurance regulations that are in effect in your state. You might just find that there are slight nuances between the regulations in your state and the rest of the country.
The NAIC is an old organization that was formed in 1871. It was first called the National Convention of Insurance Commissioners, after which it was known as the NAIC. The organization has continued to provide support for the national insurance industry.
If you want to know more about what the national gathering of insurance commissioners do, you can find more information on its official website, or watch the video below: