Insurance Regulatory Information System (iris)
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health insurance companies according to these audit ratios:
- Property and casualty insurance companies: current year increase or decrease in net written premiums to net written premiums in previous year; net written premiums to adjusted policyowners' surplus; loss ratio for two years; expense ratio for two years; net investment income to average invested assets; liabilities to liquid assets; unpaid premiums to surplus; and previous year adjusted surplus to current year adjusted surplus. (Other property and casualty audit ratios concern measurement of the adequacy of a company's reserve.)
- Life and health insurance companies: yield on investments; nonadmitted assets to assets; net gain to total income; investments in affiliates to capital and surplus; expenses (including agents commissions) to premiums; exchange in capital and surplus; and surplus increase or decrease.
Popular Insurance Terms
Sum that an insurance company charges a business firm to restore a property or liability insurance policy, or a bond, to its initial face value after the insurance company has paid a claim ...
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Funds receivable or payable that have not been paid in a timely manner, commercial credit insurance protects an insured against declines in the value of receivables due to insolvency of a ...
Additions of new entrants into an employee benefit insurance plan. ...
SCHEDULE provision of the new York insurance code and regulations under which the life insurance company must file with the Insurance Commissioner all expenses associated with selling new ...
Option under a participating life insurance policy by which the policy owner can elect to have the dividends purchase paid-up increments of permanent insurance. ...
Same as term adverse selection: process in life insurance by which an applicant who is uninsurable, or is a greater than average risk, seeks to obtain a policy from a company at a standard ...
Method by which each member of an insurance pool shares in each and every risk written by the other members of the pool. ...
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