What is NAIC report?
The NAIC Financial Regulatory Services Department prepares “Insurance Industry Snapshots” and “Insurance Industry Analysis Reports” to assist consumers in better understanding developing trends in the insurance industry. The reports cover the P&C, Title, Life, Fraternal and Health Insurance Industry.
What is the NAIC number?
The NAIC number is a number that the National Association of Insurance Commissioner’s (NAIC) assigns to each individual underwriting company. Below is a list of the NAIC numbers that are associated with our member companies. For existing policyholders, the NAIC number also appears on the ID cards as “Company Number”.
What are statutory reports?
Statutory reporting is the mandatory submission of financial and non-financial information to a government agency. Each industry has its own set of laws and regulations (statues) that mandate reports.
Why do insurance companies ask for financials?
Underwriters frequently request financial statements when they provide both new business and renewal quotations. This is because an insured’s financial condition is an important factor in assessing its insurability, commitment to loss control programs, and ability to pay premiums.
What is NAIC number used for?
An NAIC number is a five-digit code used to identify insurance companies, assigned by the National Association of Insurance Commissioners. NAIC numbers can be used to find the number of complaints filed against a company, financial and legal information, or if a company has a valid license to operate in your state.
What is statutory reporting in insurance?
In the context of companies under the purview of the National Association of Insurance Commissioners (NAIC), statutory reporting conveys an insurance company’s ability to pay customers’ claims. Since it zeroes in on a company’s health, insurance statutory reporting focuses on a company’s balance sheet.