What does NAIC stand for in insurance?
Asked by: Olen Roob | Last update: February 11, 2022Score: 5/5 (19 votes)
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
How do I find my insurance company NAIC number?
The NAIC code is found on your insurance card. Most of the time the NAIC is printed on your ID card, however it is not labeled. It is a 5 digit number. Please call the office and any representative would be happy to provide you with the NAIC needed for your vehicle registration.
What does NAIC mean on insurance?
The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.
What is the purpose of an NAIC number?
The goal of the National Association of Insurance Commissioners (NAIC) system is to coordinate regulatory oversight, establish best practices and standards and conduct peer review to standardize insurance regulation across the U.S. Insurance companies use NAIC numbers for training and education.
What does the NAIC consist of?
The NAIC is a nonprofit, nonpartisan entity consisting of the head insurance regulators of each of the 50 states, the District of Columbia and all five of the U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico and the Virgin Islands.
The NAIC: Who We Are and What We Do
Is NAIC legitimate?
The NAIC is not a regulator; while its members are the insurance commissioners (i.e., the chief insurance regulators) of each U.S. state and six territories, the NAIC is a non-governmental organization that concerns itself with insurance regulatory matters but does not actually regulate.
Who funds the NAIC?
How is the NAIC Funded? dues, contribute less than 3 percent of the revenue the NAIC devotes to funding member-directed initiatives, as well as many other services that help the states work together collaboratively and cooperatively.
What is the NAIC number for Progressive insurance?
Company NAIC Number: 27804 3.
Is the NAIC a federal agency?
The National Association of Insurance Commissioners (NAIC) is a nonprofit, nonpartisan organization governed by the chief insurance regulators of the 50 states, the District of Columbia, and the five U.S. territories: American Samoa, Guam, the Northern Mariana Islands, Puerto Rico, and the Virgin Islands.
What is the NAIC number for Mercury insurance?
Company NAIC Number: 27553 3.
Who does the NAIC regulate?
NAIC overview. The National Association of Insurance Commissioners (NAIC) is the regulatory body that governs all things insurance — it sets standards, establishes best practices, and conducts oversight of the insurance industry.
What are NAIC guidelines?
The NAIC Model Laws, Regulations, and Guidelines (available in the library) contains documents promulgated by the National Association of Insurance Commissioners as proposed statements of insurance laws that should be adopted by the 50 states.
What is a NAIC number for Geico?
GEICO NAIC Numbers. GEICO's NAIC number for car insurance is 35882. NAIC numbers are assigned by the National Association of Insurance Commissioners (NAIC), a regulatory support organization that protects consumer interests in the insurance industry.
What is NAIC also called as?
NAIC in Insurance
(ɛn eɪ aɪ si) or National Association of Insurance Commissioners. abbreviation. (Insurance: General) The NAIC is an organization in the U.S. which regulates the insurance industry and protects the interests of insurance clients.
What is the NAIC number for USAA?
Company NAIC Number: 25941 3.
What is the NAIC number for Safeco insurance?
Safeco Insurance Company of America (NAIC #24740) is domiciled in New Hampshire and licensed in all states, the District of Columbia, and Guam.
What is the NAIC number for State Farm?
Company NAIC Number: 25178 3.
Who regulates the insurance industry?
Insurance is regulated by the states. This system of regulation stems from the McCarran-Ferguson Act of 1945, which describes state regulation and taxation of the industry as being in “the public interest” and clearly gives it preeminence over federal law. Each state has its own set of statutes and rules.
Is NAIC free?
National Association of Insurance Commissioners, or NAIC, has a free online service that could help you locate a loved one's life insurance or annuity information if they die. When you submit information, the NAIC will reach out to insurance and annuity companies for a search on your behalf.
Why do states regulate insurance?
The fundamental reason for government regulation of insurance is to protect American consumers. ... State regulation has proven that it effectively protects consumers and ensures that promises made by insurers are kept.
How do I trace a life insurance policy?
- check your own, or the other person's, bank account / credit card statements for evidence of payments to an insurer.
- use an unclaimed assets tracing service.