1.12 Regulatory Associations
Several associations have been developed to oversee certain aspects of the insurance industry.
The National Association of Insurance Commissioners (NAIC) measures company performance and provides analytical reports to the Insurance Regulatory Information System (IRIS), which is made available to agents as well.
State guaranty associations are funded by insurance companies through assessments. These associations were developed to protect consumers from insolvent insurers. Should an insurer become insolvent and unable to pay the claims it holds, the guaranty association will step in and bear the cost of the claims.
The National Association of Insurance and Financial Advisors (NAIFA) is an organization that is dedicated to supporting the life insurance industry and to advancing the quality of service provided by insurance professionals.
The National Association of Health Underwriters (NAHU) is an organization that is dedicated to supporting the health insurance industry and to advancing the quality of service provided by insurance professionals.
Let's take a closer look at each.
