Description
The State of Illinois, Department of Insurance, is seeking to award a sole source contract to the National Association of Insurance Commissioners (NAIC) for annual membership dues. The contract will be for a period of one year, from May 1, 2026, to April 30, 2027. The NAIC membership is essential for the Department of Insurance to effectively regulate the insurance marketplace. The membership allows Illinois to rely on the licensure, accreditation, and financial solvency oversight conducted by other states, eliminating the need for duplicative financial examinations and parallel regulatory reviews.
• The NAIC membership provides access to model laws, regulations, and guidelines that member states may adopt, ensuring consistency and uniformity across the insurance industry.
• The membership enables Illinois to rely on the licensure, accreditation, and financial solvency oversight conducted by other states, reducing duplication and regulatory costs.
• The NAIC provides financial analysis tools and reports that assist regulators in monitoring the financial condition of insurers and identifying potential solvency risks.
• The membership supports the development of consumer protection standards to ensure insurers meet high levels of financial responsibility and operational transparency.