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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Coverage in the event of a marine loss. Marine loss is damage or destruction of a ship's hull and the ship's cargo (freight) as the result of the occurrence of an insured peril. Perils ...
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Top state regulator of the insurance business who is either elected to office or appointed by a state to safeguard the interests of policyowners. ...
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Type of policy with premiums that are fully paid up within a stated period. For example, a 20-payment life insurance policy has 20 annual premium payments, with no further premiums to be ...
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