What does Convention Statement mean? Read on to discover the definition & meaning of the term Convention Statement - to help you better understand the language used in insurance policies.
The annual report format developed by the National Association of Insurance Commissioners (NAIC) and adopted by member states as the standard for all commercial insurers. Convention statements are filed by an insurer in its domicile and copied to the NAIC for Insurance Regulatory Information System (IRIS) ratios and risk-based capital calculations to be published.
We hope the you have a better understanding of the meaning of Convention Statement.