Q:

What is an NAIC number?

A:

Quick Answer

Every insurance company, or underwriting company, that's licensed to conduct business in a given state is issued an NAIC number, which is short for National Association of Insurance Commissioners. No two companies share the same number.

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Full Answer

The number has traditionally been five digits in length, but not always. Gerber Life Insurance Company's NAIC number is eight digits long, for example. Nevertheless, the numbers serve as a company identification code that the NAIC organization is responsible for assigning. This is a U.S.-based organization consisting of state government officials who regulate the conduct of insurance companies and agents in their state or territory or the District of Columbia, with the goal of protecting insurance consumers.

For license plates renewals of motorized vehicles, an NAIC number is generally required. It's located on most automobile insurance cards, perhaps in the upper-right corner. Optionally, the number is usually listed on insurance companies' websites.

The NAIC has a Consumer Information Source to help consumers locate reputable insurance companies by using the NAIC number. On the NAIC's website, consumers can use the CIS to enter an insurance company's name or its NAIC number to find information about the insurer, such as any closed consumer complaints against it, and licensing and financial data.

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Related Questions

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    What is the NAIC listing of companies?

    A:

    The National Association of Insurance Commissioners listing of companies is a database of insurance companies throughout the United States that the association has compiled as of 2015, according to the association. Consumers can search the database by company name or code to obtain selected company financial, licensing and complaints information.

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    How do you look up a NAIC code for an insurance company?

    A:

    Codes for a specific insurance company are found through the National Association of Insurance Commissioners website. To find a code, input the company's name in the search blank, then click Find a Company to receive the results. In cases where users may have an NAIC code, rather than the company name, inputting the digits will return the name of the associated company.

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    Where can you locate the NAIC insurance code list?

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    The NAICS Association provides a complete list of North American Industry Classification System codes at NAICS.com. Site visitors can browse the 52 sections for finance and insurance codes or search by keyword from the search page, according to the NAICS Association.

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    Why is buying an annuity risky?

    A:

    Some of the risks associated with purchasing annuities include surrender charges, various restrictions, high expenses and the insurance company going under. Investors are advised to get an objective view from an independent third party before purchasing annuities.

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