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National Association of Insurance Commissioners. NAIC: How We Use Insurer Compliant Data. Trish Schoettger NAIC Sr. Manager. NAIC: How We Use Insurer Compliant Data. NAIC – History & Background. State Insurance Regulatory Objectives. How NAIC Supports the States. Collecting Data.

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national association of insurance commissioners

National Association of Insurance Commissioners

NAIC: How We Use Insurer Compliant Data

Trish Schoettger

NAIC Sr. Manager

naic how we use insurer compliant data
NAIC: How We Use Insurer Compliant Data

NAIC – History & Background

State Insurance Regulatory Objectives

How NAIC Supports the States

Collecting Data

naic how we use insurer compliant data1
NAIC: How We Use Insurer Compliant Data

Why NAIC Collects the Data

How States Use the Data

Keeping the Data Confidential

How You Can Participate in the Process

naic history background
NAIC History & Background

A Tradition of Consumer Protection –

  • Formed in 1871
  • Voluntary organization of chief insurance regulatory officials from the 50 states, District of Columbia and five U.S. territories
  • Created to address the need to coordinate regulation of multi state insurers.
  • Assists the state’s in their primary objective – protecting consumers and ensuring the safety and soundness of insurance companies operating in the United States.
state insurance regulatory objectives
State Insurance Regulatory Objectives

Market

Regulation/

Consumer

Affairs

License/ Approve

Financial

Solvency

Government

Affairs

  • Company Certificate of Authority
  • Producer/Agent Licensing
  • Rate & Form Product Approval
  • Financial Analysis & Exams
  • Statutory Accounting & Reporting
  • Receivership – Rehab or Liquidation
  • State Accreditation Program
  • Market Conduct Analysis
  • Consumer Assistance & Education
  • Fraud Investigation & Enforcement
  • Coordinate w/Fed Reg
  • State Legislators – NCSL, NCOIL
  • International Relations - IAIS
how naic supports the states
How NAIC Supports the States
  • Membership Services
    • Education & Training
    • Meeting Planning
  • Financial Regulatory Services
  • Securities Valuation
  • Market Regulatory Services
  • Legal/Model Laws
  • Research/Library Services
  • Information Systems
  • Insurance Products and Services
  • Government Relations

www.naic.org

how naic supports the states1
How NAIC Supports the States
  • Membership Services
    • Education & Training
    • Meeting Planning
  • Financial Regulatory Services
  • Securities Valuation
  • Market Regulatory Services
  • Legal/Model Laws
  • Research/Library Services
  • Information Systems
  • Insurance Products and Services
  • Government Relations

www.naic.org

why naic collects data
Why NAIC Collects Data

1980’s – Regulator Goal to Improve Financial Solvency Surveillance of all Insurance Companies

  • Simplify Compliance for Insurance Companies
  • Modernize the Financial Reporting process by Collecting Data Electronically
  • Reduce Cost of Regulatory Compliance for Companies
  • Provide Regulators in every State, Easy Access to Timely, Accurate Insurance Company Financial Data
why naic collects data1
Why NAIC Collects Data

FDR: Financial Data Repository

  • Simplify compliance for insurance companies
    • Adopted one uniform company filing specification standard
  • Modernize the financial reporting process
    • NAIC provides the secure network infrastructure for companies to file electronically via the Internet
  • Reduce Cost of Regulatory Compliance
    • Company can prepare and file their financial statement once, and comply with statutory filing requirements in all 56 jurisdictions
why naic collects data2
Why NAIC Collects Data

FDR: Financial Data Repository

  • Provide Regulators in every State, Easy Access to Timely, Accurate Insurance Company Financial Data
    • Collect & Publish in 24 hours –
      • company filing of 57,500 data elements loaded and data validated against 16,638 crosschecks within 24 hrs.
    • Worlds Largest Insurance Database –
      • 5,000+ company filings aggregated, independently reviewed and supporting calculations added (i.e., RBC, IRIS Ratios) – 280 gig data,
    • Immediate, On-line Access for 12,000+ Regulators –
      • all State Insurance Departments, regardless of size, staff experience, or budget can begin monitoring insurance company financial solvency
      • Formats – PDF, XML, Excel, HTML
      • Tools – Scoring, Profiles, Exam Prep
    • Recent study estimated cost $3 - $13 million, per

state, to replicate FDR

why naic collects data3
Why NAIC Collects Data

Simplify

Modernize

Reduce Costs

  • Uniform Standard
  • Make Electronic
  • Submit once,
  • comply all states
  • Build once, used
  • by all states
  • Streamline
collecting data
Collecting Data

Market

Regulation

Consumer

Affairs

License

Approve

Financial

Solvency

SPLD - Producer Licensing

UCAA - Company Licensing

SERFF – Rate & Form Product Filing

FDR – Financial Data Repository

AVS, ISIS - Securities Valuation

GRID – Global Receivership Info

CDS – Complaint Database

RIRS – Regulatory Actions

MAP – Market Analysis Profile

CIS – Consumer Information Source

OFRS – Online Fraud Reporting System

how states use the data
How States Use the Data
  • Make Company Licensing Decisions
  • Make Producer/Agent Licensing Decisions
  • Make Rate & Form Approval Decisions
  • Conduct Company Solvency Surveillance
  • Prepare for Market/Financial Examinations
  • Evaluate Insurance Company Investment Portfolio
  • Track Company Receiverships
  • Track Trends in Consumer Complaints
  • Monitor Marketplace, Conduct Investigations
keeping the data confidential
Keeping the Data Confidential
  • Legal
    • Maintain Confidentiality Agreements with States
  • Information Technology Infrastructure
    • Maintain $6 million data center and network
    • Provide a Private Frame-Relay Telecommunications Network with the States
    • Follow Industry Security Standards and Procedures
      • Maintain Adequate Firewalls
      • Encrypt Confidential Data
      • Conduct System Security Design Reviews
how you can participate in the process
How You Can Participate in the Process

New Database Process

NAIC

Committee

Open

Meetings

Identifies regulatory need

Policy and database developed during open meetings

NAIC Database

Implement

Database

H

Committee

Review

NAIC

Budget

Reviewed by Information Resources Mgmt (H) Cmte to ensure alignment with overall regulatory strategic plan

Proposal vetted thru budget process, (includes public budget hearing)

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