What is Insurance Regulatory Information System (IRIS)?

Insurance Regulatory Information System (IRIS) is a database maintained by the National Association of Insurance Commissioners (NAIC), a U.S. organization that serves as a forum for insurance regulators from the 50 states, the District of Columbia, and five U.S. territories. IRIS is a comprehensive database that contains information on the financial condition of insurance companies, including their assets, liabilities, and surplus.

IRIS was developed to provide insurance regulators with a tool to assess the financial strength and stability of insurance companies. It allows regulators to access and analyze financial data from insurance companies in a consistent and standardized format, making it easier to identify potential risks or weaknesses in the insurance industry.

IRIS contains a wide range of financial data on insurance companies, including:

• Financial statements: IRIS includes the annual and quarterly financial statements of insurance companies, including balance sheets, income statements, and statements of cash flow.
• Capital and surplus: IRIS includes information on the capital and surplus of insurance companies, which is a measure of their financial strength and ability to meet their financial obligations.
• Investment portfolio: IRIS includes information on the investment portfolio of insurance companies, including the types of investments they hold and their performance.
• Policyholder surplus: IRIS includes information on the policyholder surplus of insurance companies, which is the portion of an insurance company’s assets that is available to pay claims and other expenses.
• Claims data: IRIS includes information on the claims experience of insurance companies, including the number and amount of claims paid and the types of claims being filed.

IRIS is used by insurance regulators to assess the financial stability of insurance companies and to identify potential risks to policyholders. It is also used by insurance industry analysts and researchers to study trends and patterns in the insurance industry.

IRIS is an important resource for insurance regulators and others interested in the financial health of the insurance industry. It helps to provide transparency and accountability in the insurance market, helping to ensure that policyholders are protected and that the industry remains stable.