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NAIC Unveils Public Portal to Insurance Carrier Data

The National Association of Insurance Commissioners (NAIC) has unveiled a new system to deliver annual statement information to consumers online. Beginning February 28, the new...
November 30, 2005

The National Association of Insurance Commissioners (NAIC) has unveiled a new system to deliver annual statement information to consumers online. Beginning February 28, the new system is to become available via a link on the NAIC Web site.

The system will allow free public access to a company's full annual statement, quarterly filings and other key financial data, including refilings and amendments. However, the free access will have some limitations. The system is set up to allow consumers a total of five free requests for financial data during a fiscal year beginning March 1 and ending February 28. Each PDF file would be available for 24 hours per request and permit three downloads of the same file. After five requests, customers will be directed to pay for items in their "shopping cart" via credit card, with fees ranging from $3 for quarterly reports to $10 for financial statement files.

NAIC-funded consumer representative Brendan Bridgeland expressed concern that some of the company financial information formerly available on the NAIC Web site no longer would be available with the new, alternate system in place. "Some things are positive developments and some things are negative developments," Bridgeland told A.M. Best. "The information available on the CIS (key financial statements of about 40 pages for each company) was available for free to everybody. The new policy would actually reduce the amount of information that's available for free, which I think is a step backwards." Kansas Insurance Commissioner Sandy Praeger expressed confidence in the new system, adding "there's nothing barring future adjustments."