Filing of Annual Statements with the National Association of Insurance Commissioners

[LOGO] # EARL R. POMEROY COMMISSIONER OF INSURANCE STATE OF NORTH DAKOTA 701-224-2440 STATE CAPITOL BUILDING BISMARCK, NORTH DAKOTA 58505 BULLETIN 88-5 TO: ALL DOMESTIC INSURANCE COMPANIES FROM: Earl R. Pomeroy, Commissioner of Insurance DATE: August 31, 1988 SUBJECT: Filing of Annual Statements with the National Association of Insurance Commissioners Earl R. Pomeroy As you are probably aware, the 1987 Legislative Assembly enacted North Dakota Century Code Section 26.1-03-11.1 which requires every domestic insurance company in this state to transmit to the National Association of Insurance Commissioners (NAIC) no later than March 1 of each year a copy of its annual statement. The NAIC charges a fee for entering financial information relative to insurance companies into a computer program called the Insurance Regulatory Information System (IRIS). This computer program provides insurance commissioners with early warning signals regarding potential problems for insurance companies. N.D.C.C. § 26.1-03-11.1 permits the Commissioner of Insurance to exempt any domestic company or category or class of domestic companies from this filing requirement. We believe that our larger domestic insurance companies receive the most benefit from the IRIS analysis. The financial data for very small domestic insurance companies may unreasonably skew IRIS results to the point where they are no longer accurate. Therefore, stock insurance companies, mutual insurance companies, and nonprofit health service corporations with an annual premium of less than $25,000.00 are also exempt from the NAIC filing requirement. In addition, we are by this Bulletin also exempting all domestic county mutual insurance companies, benevolent societies and health maintenance organizations from this annual filing requirement with the NAIC. Please contact this office if you have any further questions regarding this matter. jmb