Company Code
The Company Code is a unique five-digit number assigned to insurance companies by the National Association of Insurance Commissioners (NAIC). This code is essential for the identification and regulatory purposes.
Purpose and Usage
The Company Code helps in uniformly tracking the financial data submitted by insurance companies across different states. It is particularly useful:
- For filing financial reports and other regulatory filings with NAIC.
- In facilitating the exchange of information among state insurance departments.
Regulatory Background
The NAIC, as a standard-setting and regulatory support organization, requires all insurance companies to have a unique identifier to sustain consistency and reliability in tracking insurance industry financial information. This code also plays a crucial role in the NAIC’s database management and analysis tasks.
Related Resources
For further reading on how NAIC regulates and assigns codes to insurance entities and the implications of these codes, refer to the official NAIC website or consult specific NAIC Model Laws and Regulations. Laws and regulations at the national and state level pertaining to financial filings for insurance entities also align with the usage of these codes.
