Insurance Regulatory Information System - Explained
What is the Insurance Regulatory Information System?
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Back To: INSURANCE & RISK MANAGEMENT
What is the Insurance Regulatory Information System?
The Insurance Regulatory Information System (IRIS) is a system containing databases and tools to analyze the financial statements of different insurance companies. It is primarily used by the National Association of Insurance Commissioners (NAIC) to determine the credibility of insurance companies. The Insurance Regulatory Information System (IRIS) is an electronic system designed to provide financial analysis for insurance companies and give reliable data on how well a company is able to meet its long-term financial obligations. IRIS is run by the National Association of Insurance Commissioners (NAIC). NAIC uses the database and tools of IRIS to weight an insurance company's financial solvency.
What Does the Insurance Regulatory Information System Do?
IRIS was established in 1972 and the National Association of Insurance Commissioners, NAIC has been at the helm of its affairs. A company's ability to continue operations in the future is paramount to NAIC and for a company to last through the age, it must have the capability to attend to all financial needs. Hence, NAIC uses that database provided by IRIS to check a company's present financial status and the likelihood to maintain the status in the nearest future or otherwise. IRIS does not only help NAIC manage and examine insurance companies but also serve as a problem detector for the companies. That is, if IRIS notices financial challenges with a company, this is not just for NAIC to regulate the company but to also avail the company a chance to look into the financial problems and make amends. There are defined ratios that an insurer or company must meet before it can be said to be fit for business. IRIS determine these defined ratios and point out insurance companies that are considered acceptable and those that need more examination by NAIC. The financial ratios as calculated by IRIS are used to generate a report and categorize insurance companies on how well they have met the financial ratios. However, companies that fall short of the acceptable financial ratios are not left unattended to, rather, the are closely examined and regulated by NAIC. Although, through the categorization, IRIS places the companies at a competitive leve and at the same time identifies that some companies may be below the expected range due to the economic difficulties and financial in the countries in which they operate. Hence, with IRIS at NAICs disposal, the examination, evaluation, regulation and monitoring of insurance companies have become easier as IRIS provide detailed information about all the insurance companies which may not even be found in the database of the states in which they operate.
- What is insurance?
- Captive Agent
- Independent Agent
- Captive Insurance Company
- Combined Ratio
- Claims Adjuster
- Capital at Risk
- Assigned Risk
- Incurred But Not Reported
- Qualified Actuary
- Cession (Re-Insurance)
- Burning Cost Ratio
- What is an insurance contract?
- Accidental Means
- Anti-stacking Provisions
- What is an insurable interest?
- What are the common categorizations of insurance?
- National Association of Insurance Commissioners
- Insurance Regulatory Information System
- American Academy of Actuaries Definition
- American Association of Insurance Services Definition
- American Council of Life Insurance Definition
- American Insurance Association Definition
- American Risk and Insurance Association Definition
- LLoyd's of London
- Associate in Insurance Services (AIS) Definition
- Associate in Loss Control Management Definition
- Associate in Marine Insurance Management Definition
- Associate in Personal Insurance Definition
- Associate in Reinsurance (ARe) Definition
- Associate in Risk Management Definition
- Associate in Commercial Underwriting Definition
- Associate in Insurance Accounting and Finance Definition
- Associate in Surplus Lines Insurance Definition
- Chartered Insurance Professional Definition
- Chartered Life Underwriter Definition
- Chartered Property Casualty Underwriter Definition
- Vehicle insurancePrivate Passenger Auto Insurance Risk Profile
- Underinsured Motorist Coverage
- Uninsured Motorist Coverage
- Omnibus Clause
- Health Maintenance Organization
- Capitated Contract
- Point of Service Plan
- Children's Health Insurance Program
- Disability Insurance?
- Credit Disability Insurance
- Life Insurance?
- Cash Surrender Value
- Absolute Beneficiary
- Acceleration Life Insurance
- Accelerated Benefit
- Accelerated Option
- Accelerative Endowment
- Charitable Gift Life Insurance
- Incontestability Clause
- Waterfall Concept
- Assumed Interest Rate
- Clean Sheeting
- Hazard Insurance
- Homeowners, Renters, and Fire Insurance?
- Participating Community (Flood Insurance)
- Insurance Considerations for Business
- Business Liability Insurance
- Commercial General Liability
- Liability Risk Retention Act
- Excess Insurance and Umbrella Insurance Policy
- Business Interruption Insurance
- Key Person Insurance Definition
- Own-Occupation Policy
- Self-Funded Health Insurance Plan
- Basket Retention Policy
- Commercial Blanket Bond
- Alternative Risk Transfer Market Definition
- Commercial Property Casualty Market Index Survey
- What are the primary obligations of the insurer?
- Earned Premium
- Reservation of Rights Letter
- Collateral Source Rule
- What are the primary obligations of the insured?
- Insurance Premium
- Affidavit of Loss
- What is the general structure of an insurance contract?
- Ambiguity Principle
- Accommodation Line
- What are the common disputed provisions in an insurance contract?
- Absolute Exclusion
- All Risks Clause
- What is required for the termination of an insurance contract?
- Risk Management
- Professional Risk Manager
- Associate in Management (AIM)
- Financial Risk Manager
- Forecasting (Business)
- Objective Probability
- Unconditional Probability
- Enterprise Risk Management (ERM)
- Operational Risk
- Business Recovery Risk
- Political Risk
- Asset Protection
- Performance Bond
- Barra Risk Factor Analysis Definition
- Above Ground Risk (Mining Industry)
- Bumbershoot Policy (Maritime)
- Abandonment Clause (Boat or Vessel)
- Bobtail Liability Insurance (Trucking Industry)
- Anti-Indemnity Statute (Construction)