National Association of Insurance Commissioners (NAIC) Law and Legal Definition

The National Association of Insurance Commissioners (NAIC) is a national association of state officials charged with regulating insurance, that seeks to organize the regulatory and supervisory efforts of the various state insurance commissioners around the U. S.. The NAIC was formed in 1871 to bring national uniformity in insurance regulation. The functions of NAIC include promoting competitive insurance markets, facilitating fair treatment of consumers, promoting reliable and financially stable insurance companies to the public, and supporting current regulations for state insurance.