The NAIC, formed in 1871, is made up of elected or appointed state officials who help regulate the conduct of insurance agents and companies in their areas and seeks to organize the supervisory and regulatory work of state insurance commissioners around the country. At the national level, the association assists in the advancement of laws and policies, and is responsible for creating statutory accounting principles. At the state level, The NAIC acts as a forum to create laws and regulations, each of which the states individually decide whether to pass. Ultimately, the insurance regulator's main responsibility is to protect the insurance consumers' interests.
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