The biggest part of going through insurance is filing a claim. In addition to the various paperwork to be filled out, you may also need the NAIC number for your insurance.
Let’s face facts, despite the best preparations, defensive habits on the road, and not pushing beyond one’s own skill limits, there are times when fate steps in and things just happen. They are called accidents for a reason. It can be a small patch of gravel, a car pulling out without looking, or a hundred and one other things.
The biggest part of going through insurance is filing a claim. Often, there are documents you need to fill out, police reports or DMV reports you need to gather, things to sign, calls you need to make, and the like. Often, you will need to know your insurance policy number, file number for your police report or DMV report, but one thing that is often not explained very well is that you may also need what is known as the NAIC number for your insurance.
There are a couple of ways to explain it, but the simplest is by pure definition. NAIC stands for National A-sociation of Insurance Commissioners. This a-sociation has 150 years of history, being the de facto standard setting and regulatory commission for the insurance industry. Every major insurance company in the US is part of the NAIC, and almost 95% of the minor insurers are also members.
Each one of these insurance companies, when they become members, is issued an identification number. This number is unique, and is made up of five characters currently. There are provisions to make it six numbers if enough insurance companies come into existence that a six character identifier is needed.
The NAIC number is also used by the regulatory and competition committees of the NAIC itself to promote competition within the industry in a fair environment for both policyholders (i.e. you and me) and the policy providers. This prevents one insurance company from monopolizing a sector of a certain industry, from production insurance for a movie studio to automotive and motorcycle insurance for the common layman.
GST taxpayers can't claim any pending input tax credit if this return is not filed by November 30, 2024 for FY 2023-24
