What organization is responsible for coordinating regulatory oversight of insurance companies?

The National Association of Insurance Commissioners (NAIC) is the organization that coordinates regulatory oversight of insurance companies across the United States. It is a collective of state insurance regulators that work together to develop model laws and regulations that help maintain the financial stability of insurance companies while protecting consumers.

The NAIC plays a critical role in standardizing the insurance regulatory framework among various states, which is important because insurance is primarily regulated at the state level. Through collaboration and information sharing, the NAIC helps ensure that insurance markets operate efficiently and transparently. It also provides resources and guidance to state regulators to help address emerging issues in the insurance industry.

This framework of cooperation allows the NAIC to help promote consistency and fairness in regulation while also allowing states the necessary flexibility to tailor their regulations to meet local needs. By supporting the implementation of best practices and model legislation, the NAIC enhances the overall effectiveness of insurance regulation across the country.