National Association of Insurance Commissioners
The National Association of Insurance Commissioners (NAIC) is a regulatory support organization which was created and designed to provide protection to the interests of insurance customers. The organization specializes in giving any form of assistance to the insurance regulators in terms of collective goals in market and financial regulation. It is composed of insurance regulators in the entire United States of America, five territories in US as well as the District of Columbia. The association has three offices namely the executive office, the central office and he securities valuation office.
In 1871, the association was created by the insurance regulators from various states for the purpose of establishing harmonious regulations between and among multistate insurers. One of the primary objectives of the institution was to promote a standard financial reporting by all insurance providers. It was then the start of new legislative concepts and other greater insurance regulation progress.
The organization’s missions are to protect the public interests, continually build competitive markets, guarantee impartial treatment to insurance consumers and ensure the solvency and strength of the insurance providers’ financial standing. It is also the main and paramount goal of the association to support and develop the insurance regulation of every state.
The National Association of Insurance commissioners have in their websites the complete details of the provisions regarding the bylaws and conflict of interest policy. The organization is composed of officers which are elected every year through secret ballot by the members. Such officers include a President, President-elect, the Vice-President and the Secretary-treasurer. It also has executive committee and seven standing committee such as the Financial Regulation Standards and Accreditation committee, financial condition committee and international insurance relations committee.
The association usually meets thrice in a year in various locations throughout the US. These meetings normally take place in hotels and convention centers in the selected area and typically have 1,500 participants. Furthermore, the meetings are made of a series of committee sessions which allow the entire body to collectively resolve major issues relating to insurance.
The National Association of Insurance commissioners is genuinely concerned about educating the public with regard to anything that involves insurance. Consumers are given the opportunity to get involved and be directly benefited by the programs and meetings of the organization. The Insure U consumer education program, established by the organization, provides assistance to customers in evaluating the choices they make in purchasing insurance. The program has a very informative website which displays major types of insurance including tips and guidelines in getting smart about insurance. Consumers can also attend the national meetings of the association and contribute their views on the regulatory topics of insurance.
In realizing its mission to assist state insurance regulators, the association provides 18 programs which are designed for insurance regulators and over 64 education and training courses covering a huge variety of insurance topics. In 2006, the Insurance Regulator Professional Designation Program was launched by NAIC for the enhancement of strategies and skills in monitoring the insurance market.