Reporting Requirements

What Does Reporting Requirements Mean?

Reporting requirements refer to the information and data that companies are obligated to provide to government agencies.

All insurance companies of a certain size must comply with these requirements. Government agencies enforce reporting requirements to protect both the investors of the insurance company and the policyholders who depend on it for coverage.

Insuranceopedia Explains Reporting Requirements

The National Association of Insurance Commissioners (NAIC) is the primary regulatory body for insurance companies. While it is a federal organization, state insurance regulatory agencies generally adhere to its guidelines.

Failure to comply with a regulatory agency‘s reporting requirements can lead to penalties and other punitive measures.