National Association of Insurance Commissioners (NAIC)

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Definition of 'National Association of Insurance Commissioners (NAIC)'

The National Association of Insurance Commissioners (NAIC) is a nonprofit organization of state insurance regulators from the 50 states, the District of Columbia, and five U.S. territories. The NAIC's mission is to serve the public interest by fostering state regulation of the insurance industry.

The NAIC is responsible for a variety of activities related to insurance regulation, including:

* Developing and enforcing insurance regulations
* Promoting uniformity in insurance laws and regulations
* Providing education and training for insurance regulators
* Collecting and disseminating insurance data
* Administering the NAIC's accreditation program for state insurance departments

The NAIC is governed by a board of directors, which is composed of the chief insurance regulators from each state and territory. The board is responsible for setting the NAIC's policies and priorities.

The NAIC's staff is responsible for carrying out the organization's day-to-day operations. The staff is divided into a number of departments, each of which is responsible for a specific area of insurance regulation.

The NAIC is a valuable resource for state insurance regulators and the insurance industry. The NAIC's work helps to ensure that the insurance industry is regulated in a fair and consistent manner. The NAIC also provides valuable information and resources to consumers, helping them to make informed decisions about their insurance purchases.

In addition to its work on insurance regulation, the NAIC also plays a role in promoting the insurance industry. The NAIC hosts a number of events each year, including the annual Insurance Marketplace Conference and Exposition. The NAIC also publishes a variety of materials, including the NAIC's Annual Report and the NAIC's State Insurance Regulation Report.

The NAIC is a valuable resource for anyone interested in insurance regulation or the insurance industry. The NAIC's website is a great place to start learning more about the organization and its work.

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