Abbreviation | AAIS |
---|---|
Formation | 1936 |
Type | Not-for-profit trade association |
Location | |
Area served | United States |
Products | Insurance advocacy |
President and CEO | Werner E. Kruck |
Website | www |
Formerly called | The Mutual Marine Conference, Transportation Insurance Rating Bureau |
The American Association of Insurance Services (AAIS) is an American national trade association for the insurance industry in the United States.
AAIS offers details on product creation, statistical research, compliance, administrative paperwork, and technical preparation to more than 700 Member insurance agencies. [1] . AAIS has been a licensed statistical agent in more than 50 jurisdictions, collecting data that helps Members meet regulatory statistical reporting responsibilities. AAIS also serves as an intermediary between carriers and insurance regulators. Since its inception, AAIS has evolved into the modern insurance advisory community governed by its Members.
AAIS was founded in 1936 as The Mutual Marine Conference, focused exclusively on inland marine insurance. In 1947, The Mutual Marine Conference became the Transportation Insurance Rating Bureau (TIRB). Its company practices focused primarily on tariff and regulatory declarations concerning travel insurance risks. The activities of the Rating Bureau slowly expanded to involve all threats of property.
In 1975, TIRB became the American Association of Insurance Services (AAIS), broadening its scope to include all insurance products. [2]
In 1984, AAIS was incorporated in Delaware as a 501(c)(6) non-profit organization. [3]
In 2018, AAIS gained approval from the California Department of Insurance for CannaBOP, the first-of-its-kind Businessowners Policy designed for cannabis dispensaries, storage facilities, processors, manufacturers, distributors, and other cannabis-related businesses operating in California. [4]
In 2018, AAIS collaborated with IBM to introduce openIDL (open Insurance Data Link), the first open blockchain platform focused on the collection and sharing of statistical data between insurance carriers and regulators. [5]
In 2023, AAIS announced Werner E. Kruck as President and CEO. [6]
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
In telecommunications, interconnection is the physical linking of a carrier's network with equipment or facilities not belonging to that network. The term may refer to a connection between a carrier's facilities and the equipment belonging to its customer, or to a connection between two or more carriers.
Unum Group is an American insurance company headquartered in Chattanooga, Tennessee. Founded as Union Mutual in 1848 and known as UnumProvident from 1999-2007. The company is part of the Fortune 500. Unum Group was created by the 1999 merger of Unum Corporation and The Provident Companies and comprises four distinct businesses – Unum US, Unum UK, Unum Poland and Colonial Life. Its underwriting insurers include The Paul Revere Life Insurance Company and Provident Life and Accident Insurance Company.
The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia, and five U.S. territories.
Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, is a provider of statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. Headquartered in Jersey City, New Jersey, United States, the organization serves clients with offices throughout the United States, along with international operations offices in the United Kingdom, Israel, Germany, India and China.
The Association for Cooperative Operations Research and Development (ACORD) is a non-profit organization in the insurance industry. ACORD publishes and maintains an archive of standardized forms. ACORD has also developed a comprehensive library of electronic data standards with more than 1200 standardized transaction types to support exchange of insurance data between trading partners. ACORD itself, though, is not an insurance company and does not process claims or provide insurance coverage of any kind.
Samsung SDS Co., Ltd., Established in 1985 as a subsidiary of Samsung Group, is a provider of Information Technology (IT) services, including consulting, technical, and outsourcing services. SDS is also active in research and development of emerging IT technologies such as Artificial Intelligence (AI), Blockchain, Internet of Things (IoT) and outsourcing in engineering. In 2019, Samsung SDS reported a net profit of 750.4 billion won, an increase of 17.5% year-on-year. The company is estimated to have the 11th most valuable brand among global IT service companies, at US$3.7 billion as of January 2020. Samsung SDS has headquarters in South Korea and eight other overseas subsidiaries, one in America, Asia-Pacific, China, Europe, Latin America, Middle East, India, and Vietnam.
The Financial Market Authority is the primary financial regulatory agency of the Principality of Liechtenstein. It is an independent, integrated financial market supervisory authority operating under public law and covers all financial markets in Liechtenstein.
F&G Annuities & Life, Inc. is a public company headquartered in Des Moines, Iowa. It primarily provides annuities, life insurance, and pension buyout services. The company was founded in 1959.
Virginia "Ginni" Rometty is an American business executive who was executive chairman of IBM after stepping down as CEO on April 1, 2020. She was previously chairman, president and CEO of IBM, becoming the first woman to head the company. She retired from IBM on December 31, 2020, after a near-40 year career there. Before becoming president and CEO in January 2012, she first joined IBM as a systems engineer in 1981 and subsequently headed global sales, marketing, and strategy.
Bajaj Finserv Limited is an Indian non-banking financial services company headquartered in Pune. It is focused on lending, asset management, wealth management and insurance.
Therese Michele "Terri" Vaughan is an American insurance academic, regulator, and advisor. She was insurance commissioner of the state of Iowa for 10 years from 1994 to 2005, and was the CEO of the National Association of Insurance Commissioners (NAIC) for four years from February 2009 to December 2012. She is currently executive in residence at Drake University, having previously been its Robb B. Kelley distinguished professor of insurance and actuarial science, Dean of its College of Business and Public Administration, and director of its Insurance Center.
Kathleen M. Hamm is an American lawyer, federal regulator and fintech and cybersecurity expert, formerly a board member of the Public Company Accounting Oversight Board, and Counselor to the Deputy Secretary of the U.S. Department of Treasury for cyber policy and financial regulation. In April 2021, her alma mater, University at Buffalo School of Management, named her Accountant of the Year.
Tokken is a payment system and mobile app most known for being a legal and secure option for businesses transactions within the cannabis industry, because of its compliance with bank requirements. The startup company was created by Lamine Zarrad, a former regulator at the Office of the Comptroller of the Currency.
bitFlyer is a private company headquartered in Tokyo, Japan and founded in 2014. It operates one of the largest cryptocurrency exchanges with 2.5 million users and develops other crypto-related technology.
Diem was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Facebook. The plan also included a private currency implemented as a cryptocurrency.
The Malta Financial Services Authority (MFSA) is the main financial regulator of Malta. The MFSA was founded in 2002 when it assumed the responsibilities of the Central Bank of Malta, the Malta Stock Exchange, and the Malta Financial Services Centre. It regulates banking, investment, insurance, financial, pension companies and securities markets in Malta.
Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.