What is the primary role of the National Association of Insurance Commissioners (NAIC)?

The primary role of the National Association of Insurance Commissioners (NAIC) is to develop model laws and regulations for insurance. This organization is a collective of state insurance regulators who come together to create standards that can be adopted by individual states. By developing model laws, the NAIC aims to achieve greater uniformity and consistency in the regulation of insurance across the United States, helping to ensure consumer protection, promote fair competition, and maintain the financial stability of the insurance marketplace.

This collaborative approach allows states to consider these models in crafting their regulatory frameworks while still retaining the authority to tailor regulations that fit their specific markets and needs. Thus, the efforts of the NAIC facilitate better oversight and governance within the insurance industry as a whole.