The National Association of Insurance Commissioners (NAIC) Department of Florida is the entity that approves insurance policy forms used in the state.

The NAIC Financial Regulation Standards and Accreditation (F) Committee voted to accredit the departments of Arizona, California and Florida. Accredited insurance departments tend to undergo comprehensive, independent review every five years to ensure they meet financial solvency oversight standards.

The NAIC accreditation program creates and maintains sound solvency regulation standards. It also provides for the effective regulation of multi-state insurance companies with emphasis on each state’s financial solvency laws and regulations, the state’s financial analysis and examination capabilities, the state’s organizational and personnel practices; and the insurer organizational review, licensing and change of control of domestic insurers in the state.

The National Association of Insurance Commissioners (NAIC) was formed as a non – profit, 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.

Note that the major role of the NAIC is to set standards and ensure best practices for the U.S. insurance industry and to offer adequate support to insurance regulators. It also offers information and resources to consumers. The NAIC also assists state insurance regulators, enabling them to put standards and best practices in place.

Additionally, regulators use the NAIC to perform peer reviews and coordinate regulatory oversight efforts. To further assist in supporting state regulators by facilitating their efforts, the NAIC functions as a representative agency, representing the regulators’ collective views to domestic and international audiences.

The NAIC helps mould a framework that let’s insurance regulators to facilitate the best insurance practices. It performs its duties through a variety of different committees and groups. The association works through its members to help create laws that put national standards in place, with the end goal of making insurance consumption easier and better for users.

The NAIC works in alliance with insurance regulators for each state, assisting them in the protection of competitive markets and public interests. The major purpose of the NAIC, through these actions, is to promote fairness and equitable treatment for all insurance consumers.

Important Facts About NAIC

Coupled with its work in support of state insurance regulators, the NAIC also provides a number of tools for consumers. Its consumer information search tool helps consumers’ research specific insurance companies, including any complaint data the NAIC has collected.

Also note that companies are scored on a national complaint index, which shows whether they’ve received more or fewer complaints than other insurers, after adjusting for market share.

  1. NAIC Organisation

Officers of the NAIC include a President, President – Elect, Vice President and Secretary –  Treasurer, who are elected annually by the membership by secret ballot.

To aid organize the NAIC’s efforts, the United States has been divided into four geographic zones: North – eastern, South – eastern, Midwestern and Western. Each zone has its own chair, vice chair and secretary who sit on the NAIC’s Executive (EX) Committee, coupled with the Executive Committee, the NAIC maintains seven additional standing committees:

Life Insurance and Annuities (A) Committee; Health Insurance and Managed Care (B) Committee; Property and Casualty Insurance (C) Committee; Market Regulation and Consumer Affairs (D) Committee; Financial Condition (E) Committee; Financial Regulation Standards and Accreditation (F) Committee; and International Insurance Relations (G) Committee.

  1. NAIC Meeting

The NAIC has met on a national basis since 1871. Currently, the NAIC meets three times a year, in various locations across the United States.

The NAIC meetings are a national forum for resolving major insurance issues, allowing regulators to create coherent national policy on the regulation of insurance when a national policy is appropriate. The meetings are majorly a series of committee sessions, much like the legislative hearings of state legislatures or Congress.

The committee system directs regulatory issues to expert groups for review before they are discussed by the membership as a whole.

  1. NAIC Meeting Locations

So many factors affect the choice of location for the NAIC’s national meetings. Site selection is restricted to hotels/ convention centres that can accommodate more than 1,500 attendees. In addition, the NAIC tries to rotate national meetings through the four NAIC zones (West, Midwest, and Northeast, South east).

Since sites are selected five years in advance, the NAIC is able to negotiate substantially reduced hotel room rates. The NAIC also offers zone and grant funds to the state insurance departments to help offset travel costs.

  1. NAIC Public Meeting

The NAIC holds its meetings in open session and invites all interested parties to attend and participate. A few regulator – to – regulator meetings are held, which are not open to the public.  These meetings tend to include discussions on ongoing investigations, litigation or financial solvency concerns related to specific companies.

  1. NAIC Education

State insurance regulators and the NAIC are deeply committed to educating the public about insurance and consumer – protection issues.

Note that through its award – winning Insure U consumer education program, the NAIC helps consumers evaluate their options and get smart about insurance. The Insure U Web site provides basic information on the major types of insurance: life, health, auto and homeowners/ renter’s insurance.

Under the banner of Insure U for Small Business, the NAIC provides tips and information about insurance options for small business owners.

  1. NAIC Funding

Have it in mind that the NAIC is funded through a number of revenue sources. The states, by way of membership 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.

Other sources of revenue include database filing fees, product filing fees, producer – licensing fees and sales of NAIC publications and data.

Without membership in the NAIC, the amount of state funding required in order to provide or access the similar type of services the NAIC provides — often at no extra charge — would far exceed what a state pays in membership dues to the NAIC.


The NAIC is a crucial organization because it offers insurance regulators the support and the tools they need. It also makes it possible to formulate a nationally accepted framework through which all insurance providers can operate, giving consumers the best service possible.

Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally.