Confusing Reporting Entities - NAIC, Regulator, Domiciled State, DOI, etc...
Pretty awkward question...
I find myself getting confused between the regulator, the DOI, the NAIC, domiciled state, etc.
Would you please share either the readings where I can learn more or the differences between all of these guys?
I tend to find myself answering SAO questions almost correctly but stating the wrong entity. Examples:
"If new AA is appointed, notify NAIC (should be DOI) within 5 business days"
or
"Send SAO & AOS to Regulator (Should be Domiciled State for both and NAIC for SAO only) by 3/1 and 3/15".
I just forget how to remember who's who...
Thank you!!
Comments
Here's a trick I use for searching for these kinds of things.
Then if you just keep pressing enter, you'll should quickly find all instances where the instructions mention that an entity needs to be notified. I think there were about 10 instances altogether. Then just make a summary table for that information.
If you find things in the old SAO problems that aren't specifically covered by your table, just make additions to your table whenever you find something new.
Anyway, give that a try and let me know if that gives you the information you need.
P.S. If you want definitions of these different entities (regulator, state DOI, NAIC,...) try googling them. That's the quickest way to find out versus searching through syllabus readings. For general terms like that, there are lots of websites that good and easy-to-understand definitions.
I want to piggy back off of this question. What exactly is the difference between an insurance commissioner and the regulator? I tried googling but could not find a clear distinction.
An insurance commissioner is a type of regulator but also has other functions:
I got that from this source: