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
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Modest life insurance coverage to pay burial expenses upon the death of an insured. ...
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Law that requires that all surplus lines insurance companies maintain a minimum specified amount of capital and surplus; also requires that alien insurers maintain a trust fund on location ...
Worst case scenario under which an estimate is made of the maximum dollar amount that can be lost if a catastrophe occurs such as a hurricane or firestorm. ...
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