National Association of Insurance Commissioners

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National Association of Insurance Commissioners
Naic logo.jpg
President:James Donelon
Vice-president:Monica Lindeen
Chairman:Ben Nelson
Party:Bipartisan
Year created:1871
Website:http://www.naic.org/
The National Association of Insurance Commissioners (NAIC) is a bipartisan professional organization operated by and on behalf of insurance commissioners and similar officers from 50 states, the District of Columbia, and five US territories.[1]

Founded in 1871, the NAIC and its members have become "the national system of state-based insurance regulation in the U.S."[1] In 2012, it reported over $90 million in unrestricted net assets, with database fees its largest revenue source and staff salaries its biggest expense.[2]

Mission Statement

The NAIC cites five "fundamental insurance regulatory goals" that its members and staff work to support:[1]

  • "Protect the public interest"
  • "Promote competitive markets"
  • "Facilitate the fair and equitable treatment of insurance consumers"
  • "Promote the reliability, solvency and financial solidity of insurance institutions"
  • "Support and improve state regulation of insurance"

Responsibilities

NAIC and its staff provide two key services. One is internal: the NAIC assists insurance regulators in coordinating their efforts and ensuring uniform practices. The second is external: the NAIC works to represent the interests of its members and the public to both other government officials and the private insurance industry.[1]

Organization

The NAIC is organized into committees, each of which oversees either a specific insurance policy area or function of the NAIC. Information about committees and their structure can be found on the NAIC site.

2013-2014 Leadership

The NAIC is headed by an Executive Committee, which in turn is broken into regional zones.


Executive Committee
Chair Republican Party James Donelon, Louisiana
Vice Chair Republican Party Adam Hamm, North Dakota
Vice President Democratic Party Monica Lindeen, Montana
Secretary-Treasurer Independent Michael Consedine, Pennsylvania
Immediate Past President Independent Kevin McCarty, Florida
2009 Past President Independent Roger Sevigny, New Hampshire
2008 Past President Republican Party Sandy Praeger, Kansas
Northeast Zone
Chair Independent Joseph Murphy, Massachusetts
Vice Chair Independent Thomas Leonardi, Connecticut
Secretary Independent Benjamin Lawsky, New York
Southeast Zone
Chair Independent Jim Ridling, Alabama
Vice Chair Independent Julie McPeak, Tennessee
Secretary Independent Sharon Clark, Kentucky
Midwest Zone
Chair Independent John Huff, Missouri
Vice Chair Independent Stephen Robertson, Indiana
Secretary Independent Ted Nickel, Wisconsin
Western Zone
Chair Independent Gordon Ito, Hawaii
Vice Chair Independent Scott Kipper, Nevada
Secretary Independent Tom Hirsig, Wyoming


Center for Insurance Policy and Research

The Center for Insurance Policy and Research (CIPR) is a policy think-tank within the NAIC. Using the resources and expertise of the NAIC, the CIPR produces policy and engages in government relations, particularly with federal officials. This helps include the federal government into the inter-state cooperation of the NAIC.[3]

The CIPR spells out four areas of importance for its efforts:[3]

  • "Regulatory cooperation between federal, state and international agencies and functional regulators"
  • "Comprehension of insurance-related topics and issues by federal policy makers and others"
  • "Insurance information exchange between the states and the federal government"
  • "NAIC and state regulator participation in public policy discussions and decisions affecting insurance and the broader financial services sector"

External links

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References