NAIC history

The NAIC was formed in 1971 as the American Association of MESBICs, with early members joining from diverse communities including: Asian, Hasidic Jewish, Orthodox Jewish, African American and Latino communities.

In the 1987 SIC, each of these establishments was classified according to the primary activity of the establishment for which the support activity was performed.

In 1994, NAIC Board Members and industry executives spawned the formation of a diverse-owned fund of funds, Fairview Capital, which was a pioneer and industry leader for investment in diverse asset managers.

In 1997, United States statistical agencies began implementation of a change from the Standard Industrial Classification System (SIC) to NAICS.

In 2000, members of the National Association of Insurance Commissioners (NAIC) unanimously adopted The Statement of Intent: The Future of Insurance Regulation as a blueprint for significant and substantial regulatory reforms to modernize state insurance regulation.

In July 2003, the NAIC adopted eight amendments to the legislation which serves as the current version of the model legislation.

The Interstate Insurance Product Regulation Commission (Commission) was brought into existence in May 2006, upon meeting the threshold requirements of 26 states or 40% of premium volume nationwide.

Upon adopting the "Product Filing Rule," the Insurance Compact opened for business and received the first product filings by insurers on target with the mid-2007 time frame.

By the start of 2008, the Commission had brought on an experienced regulatory team to provide daily support for the product review process, and Insurance Compact Annual Registration Fees were inaugurated to further finance the Commission.

2009: Mississippi, New Mexico, and Missouri enacted the Compact legislation for a total of 36 Member states.

2010: The Commission worked on the development and adoption of the full-suite of individual Long-Term Care Insurance Uniform Standards.

2011: New Jersey, Alabama, Nevada, and Oregon enacted the Compact legislation, bringing the total number of Member states to 41, with approximately 70% of the premium volume nationwide.

2012: Group Term Life Uniform Standards for employee/employer groups were developed and adopted – the first of the group uniform product standards.

2014: New Resources joined the Compact Team.

In June, Connecticut enacted the Compact legislation to become the Compact's 45th member, effective July 1, 2017.