Final Up to date on November 25, 2020
The Nationwide Affiliation of Insurance coverage Commissioners (NAIC) is a US group that units requirements and rules for the insurance coverage trade.
Every insurance coverage firm in the USA has an NAIC number. Some corporations have a number of NAIC numbers – say, one quantity for every subsidiary group or totally different numbers for various states.
Identical to a Social Safety Quantity, the NAIC quantity makes it simple to trace sure data. You need to use the NAIC quantity to verify complaints a couple of particular firm or view license data, for instance.
At present, we’re explaining all the things it’s essential to know concerning the NAIC quantity and tips on how to discover it.
What’s an NAIC Quantity?
An NAIC quantity is a five-digit figuring out quantity for a selected insurance coverage firm. The NAIC assigns a quantity to every insurance coverage firm in the USA.
The NAIC makes use of numbers to coach, educate, and monitor insurance coverage corporations. The NAIC additionally makes use of numbers to trace client complaints.
The NAIC quantity is often known as an NAIC code. Most insurance coverage corporations checklist this NAIC code in your insurance coverage coverage, on their web site, and elsewhere. You may simply seek for a quantity to be taught extra a couple of particular insurance coverage firm or view latest complaints about that insurance coverage firm.
The best way to Discover an NAIC Quantity
You may simply discover any firm’s NAIC quantity at NAIC.org. The corporate has a database that includes hundreds of insurance coverage corporations throughout the USA.
You may sort an organization identify into that type, search for an organization by its code, kind by sort of insurance coverage firm, and carry out different search capabilities.
Right here’s The best way to Discover Any Insurance coverage Firm’s NAIC Quantity:
- Step 1) Go to the NAIC quantity lookup database
- Step 2) Kind the identify of your insurance coverage firm into the shape
- Step 3) Click on the itemizing to be taught extra about that insurance coverage firm’s background, licensing, complaints, and historical past
Please word that some corporations have a number of insurance coverage numbers. A single firm may have one NAIC quantity for its auto insurance coverage division and one other quantity for its residence insurance coverage division. Be sure you’re trying up the appropriate quantity.
NAIC Numbers of Main Insurance coverage Corporations
As famous above, each firm has a singular NAIC quantity to assist folks establish it. Under is an inventory of the NAIC numbers of the highest auto insurance coverage corporations in the USA.
| Insurer | NAIC Quantity |
|---|---|
| twenty first Century | 25232 |
| AAA | 71854 |
| Allied Insurance coverage | 19100 |
| Allstate | 37907 |
| American Household | 19295 |
| Erie Insurance coverage | 26263 |
| Esurance | 25712 |
| Farmers | 21652 |
| GEICO | 41491 |
| Hagerty | 15130 |
| Liberty Mutual | 23043 |
| Nationwide | 23787 |
| Progressive | 24260 |
| Root | 10974 |
| Safeco | 19704 |
| State Farm | 25178 |
| The Hartford | 19062 |
| Vacationers | 41769 |
| USAA | 25968 |
| Westfield | 24112 |
What Can You Be taught with an NAIC Quantity?
Utilizing the NAIC.org database, you’ll be able to be taught essential details about an insurance coverage firm. You would possibly search for an organization’s NAIC quantity earlier than shopping for a coverage, for instance, to confirm they’ve a powerful monetary image, low numbers of client complaints, and legitimate licensing in your state.
A few of the Issues You Can Be taught From the NAIC.org Database Embrace:
Headquarters & Mailing Tackle: The place is the insurance coverage firm headquartered? What’s the insurance coverage firm’s mailing deal with? The NAIC.org database lists primary contact data for all insurance coverage corporations.
Official Web site: Some corporations have a number of insurance coverage corporations. The NAIC.org database exhibits the official registered web site for that specific insurance coverage firm.
Sorts of Insurance coverage Provided: The database exhibits the sorts of insurance coverage bought by that firm. Some corporations solely promote automobile insurance coverage. Others promote plane, auto, business auto, earthquake, flood, and householders insurance coverage, amongst different merchandise.
States Licensed: The database exhibits the states through which the corporate is licensed to do enterprise. Some corporations are licensed in each state within the nation, whereas others are extra regional.
Criticism Code Report: View the variety of complaints related to that specific insurance coverage firm, together with the quantity of people that have complained to state insurance coverage regulators relative to the full variety of policyholders.
Criticism Developments: Has the corporate lately improved its criticism index? Is the corporate getting worse or higher? You may view the criticism developments over time by the NAIC database.
Monetary Overview: Good insurance coverage corporations have a powerful monetary image. Unhealthy insurance coverage corporations have a weak monetary image. The NAIC database includes a monetary overview for every insurance coverage firm, letting you view the insurance coverage firm’s complete property, liabilities, capital and surplus, and different data. You can even view the online earnings of the corporate over the previous couple of years, the variety of liabilities in numerous sectors, and different details about the monetary standing of the insurer.
Licensing Report: The NAIC database has an in depth breakdown of the place every insurance coverage firm does enterprise, how every insurance coverage firm is licensed, and whether or not or not the insurance coverage firm is ready to do enterprise in your state. Some insurance coverage corporations are licensed to promote auto insurance coverage in a single state however not one other, for instance, however promote householders insurance coverage nationwide.
Why Are NAIC Numbers Vital?
NAIC numbers are essential for the entire causes listed above. You may view detailed details about every insurance coverage firm from an goal, unbiased supply.
Each insurance coverage firm claims to guard you from surprising occasions. However not all insurance coverage corporations reside as much as that promise. Some insurance coverage corporations go bankrupt, for instance, leaving policyholders with out protection. By checking the monetary image as reported by the NAIC, you’ll be able to make sure you’re working with a powerful insurance coverage firm.
Essential Benefits of NAIC Numbers Embrace:
- Central repository of goal data for insurance coverage corporations throughout the USA
- Detailed details about every firm’s monetary standing
- State-by-state licensing data for every insurance coverage firm
- Respected criticism monitoring
Insurance coverage firm assessment web sites are sophisticated. Most individuals don’t take the time to assessment their insurer except they’re upset about protection.
With the NAIC criticism index, you get a greater supply of details about an organization. If somebody takes the time to complain to the NAIC, it means they have been upset with the service. The NAIC criticism index exhibits the variety of policyholders who complained in comparison with the variety of policyholders general, supplying you with an concept of what number of policyholders have been upset with protection.
In regards to the NAIC
The Nationwide Affiliation of Insurance coverage Commissioners units requirements and rules for insurance coverage corporations throughout the USA. The group performs a vital function within the insurance coverage system throughout all 50 states, the District of Columbia, and 5 territories.
The NAIC was based in 1871 to assist insurance coverage corporations coordinate providers throughout a number of states. With every state setting its personal insurance coverage legal guidelines, it was turning into more and more sophisticated for insurance coverage corporations to do enterprise throughout state traces.
To resolve these issues, state insurance coverage commissioners banded collectively to create the Nationwide Insurance coverage Conference. This turned the Nationwide Conference of Insurance coverage Commissioners, which later became the Nationwide Affiliation of Insurance coverage Commissioners.
The NAIC is headquartered in Kansas Metropolis, MO. In addition they have workplaces in New York and Washington. A few of the acknowledged objectives of the NAIC embrace:
- Defend the general public curiosity
- Promote aggressive insurance coverage markets
- Facilitate the truthful and equitable therapy of insurance coverage policyholders
- Promote reliability, solvency, and monetary stability of insurance coverage corporations
- Assist and enhance insurance coverage regulatory methods on the state stage
The NAIC just isn’t a regulator; as an alternative, the NAIC is a non-governmental group that discusses and analyzes regulatory issues – though the group doesn’t truly implement regulatory motion.
The NAIC consists of the insurance coverage commissioners of every state. These insurance coverage commissioners are regulators. Every state’s insurance coverage commissioner enforces insurance coverage guidelines at a state stage. Whereas the NAIC can focus on insurance coverage rules and suggest modifications, the group doesn’t implement regulatory motion.
Closing Phrase on NAIC Numbers
You need to use the NAIC quantity to trace insurance coverage corporations throughout the USA. Every firm has an NAIC quantity. You may search for an organization within the NAIC database to be taught concerning the firm’s complaints, monetary image, licensing, and extra.
To be taught extra or verify an NAIC quantity at the moment, go to NAIC.org.
