What is the NAIC (National Association of Insurance Commissioners)?
The NAIC (National Association of Insurance Commissioners) is a nonprofit, non-partisan organization that sets standards, establishes best practices, and provides support for the U.S. insurance industry and regulators. Since insurance companies in the U.S. are largely regulated by states rather than the federal government, the NAIC and chief insurance regulators oversee the adherence to constantly changing guidance.
Why is the NAIC Important?
Given that insurance products differ state by state, the NAIC helps coordinate regulatory guidance across the country. Insurers must file quarterly and annual statements to the NAIC to ensure the fair and equitable treatment of consumers, to support the improvement of state regulatory guidance, and to promote the financial solidity of insurance institutions.
How does Clearwater help?
Clearwater automates the aggregation and creation of over 100 of the required quarterly and annual NAIC schedules, statements, and exhibit reports. These statements are generated using the same values used in your financial statements, such as Balance Sheet and Income Statements — ensuring these reports easily tie out and are always reconciled.
Clearwater’s subject matter experts stay current with NAIC changes throughout the year, host thought leadership webinars where thorough updates are discussed, and publish Market Insight Papers so you are always following the most up-to-date guidance.
With Clearwater, you can download reports in the following statement groupings:
NAIC Quarterly and Annual Statements:
Learn more about how Clearwater Analytics can help with regulatory reporting by scheduling time to speak directly to an expert.