The NAIC Number and What It Means for Nationwide Mutual Insurance Company

The NAIC number is an important identifier for insurance companies in the United States. NAIC stands for National Association of Insurance Commissioners, which is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from all 50 states, the District of Columbia and five U.S. territories.

The NAIC assigns a unique numeric code known as the NAIC number to each insurance company that operates in one or more states. This number allows regulators to track companies for solvency regulation and statistical reporting. Consumers can also use the NAIC number to research an insurance company’s financial strength and complaint record.

What is the NAIC Number for Nationwide Mutual Insurance Company?

The NAIC number for Nationwide Mutual Insurance Company is 23780. This five-digit code serves as a unique identifier for Nationwide Mutual in regulatory databases and records.

Nationwide Mutual Insurance Company is a large property and casualty insurance company domiciled in Ohio. It sells auto, home, life, business and farm insurance policies through independent agents and directly to consumers online or over the phone.

As a mutual company, Nationwide is owned by its policyholders rather than stockholders. The company writes more than $20 billion in premiums annually and has an A+ (Superior) rating from A.M. Best for financial strength.

Nationwide Mutual Group is the parent company of Nationwide Mutual Insurance Company and several affiliated insurers and entities, including:

• Nationwide Property & Casualty Insurance Company (NAIC #23787)
• Nationwide Assurance Company (NAIC #66341)
• Nationwide Life Insurance Company (NAIC #61590)
• Nationwide Bank (NAIC #65754)

Each of these companies has its own NAIC number assigned by insurance regulators. But the oldest and largest entity within Nationwide Mutual Group is Nationwide Mutual Insurance Company, NAIC #23780.

Why the NAIC Assigns Insurance Companies an Identifier Number

The NAIC number serves several important purposes for insurance company oversight and consumer protection:

Solvency Monitoring – Insurance regulators track the financial solvency of insurers using the NAIC number. If a company is under financial stress, regulators can quickly identify it in national databases.

Statistical Reporting – Insurers report premium volume, loss data, expenses and other financial information to regulators using the NAIC number. This allows analysis of industry trends.

Licensing and Compliance – When an insurer applies for a license in a state, regulators track them by NAIC number. It helps coordinate multi-state licensing and renewal.

Consumer Complaints – When consumers file complaints against an insurance company, regulators log these complaints under the NAIC number for tracking.

Online Company Databases – Regulators maintain public databases of NAIC-registered insurance companies. Consumers can look up insurer complaint records and financial ratings using the NAIC number.

So the NAIC number allows regulators to monitor solvency, analyze market data, license companies, investigate complaints and provide public access to insurer information – all using a single identifying code unique to that insurer.

When Was Nationwide Mutual Insurance Company First Registered?

Nationwide Mutual Insurance Company received its NAIC number and first registered with state insurance regulators in 1937. Specifically, public records indicate:

• NAIC#: 23780
• Incorporated: 11/21/1937
• Domiciled: Ohio

Nationwide Mutual Insurance Co. originally registered with its home state regulator in Ohio. At the time, it likely only wrote policies locally in Ohio. But over the decades, Nationwide entered additional states and grew into a national insurer.

As Nationwide expanded, it had to apply for certificates of authority in each new state where it wanted to conduct business. Insurance regulators in those states used Nationwide’s NAIC number to track, license and regulate the company at the local level.

Today, Nationwide holds certificates of authority to sell insurance in all 50 states and the District of Columbia. But it traces its roots back to its original 1937 NAIC registration in Ohio.

How Consumers Can Look Up an Insurance Company’s NAIC Number

The NAIC number is public information and easily accessible for consumers who want to verify an insurance company’s identity or research its background:

• Insurance Company Websites – Most insurer websites will display the company’s NAIC number prominently along with its AM Best, BBB and other ratings. This allows quick validation it’s a registered insurer.

• State Department of Insurance Sites – Consumers can find NAIC numbers listed in state insurance company databases like those maintained by the New York Department of Financial Services or Missouri Department of Insurance.

• National NAIC Consumer Site – The NAIC maintains a free public database at www.NAIC.org/consumer_information_source.htm that lists all insurers by NAIC number and includes complaint data.

• Call Insurer Directly – Consumers can call an insurer’s customer service line and ask for confirmation of the company’s NAIC identification number. This can help avoid potential scams.

Looking up the NAIC number allows consumers to verify an insurance company is properly licensed in their state. It also provides access to useful complaint and financial data from regulators for researching insurers before buying a policy.

How the NAIC Number Helps Regulators Monitor Solvency

One of the key jobs of insurance regulators in each state is to monitor the solvency of insurers based on their NAIC number. Here are some of the ways they track financial stability:

Financial Filings – Insurers are required to submit detailed financial statements, including assets, liabilities, and capital reserves, on a quarterly and annual basis using their NAIC number. Analysts review for signs of financial weakness.

Early Warning System – Regulators across the country enter any regulatory actions taken against companies into a central database accessible by NAIC number. This reveals patterns of trouble.

On-site Exams – State regulators will routinely conduct on-site examinations of insurers domiciled in their state, identified by NAIC number, to audit their financial status and market conduct.

Capital Requirements – Regulators establish risk-based capital (RBC) standards that companies must maintain based on their NAIC number and type of insurance products sold. Falling below RBC requirements triggers intervention.

Troubled Company Program – The NAIC has a joint state program to closely monitor at-risk insurers by NAIC number and coordinate corrective actions if needed.

Guarantee Funds – States maintain insolvency guarantee funds, paid into by insurers via NAIC number, to pay claims and cover losses for policyholders in the event an insurer fails.

Regulators also work cooperatively across states to share insights, trends and concerns about companies they are monitoring by NAIC number. This system helps ensure the ongoing solvency and stability of the insurance market nationwide.

Using the NAIC Number to Look Up Consumer Complaint Records

Another important use of the NAIC number for consumers is looking up an insurance company’s complaint history. State regulators keep records of all complaints filed against insurance companies based on NAIC number. These complaint ratios can help consumers evaluate an insurer.

For example, if you look up Nationwide Mutual Insurance Company on the National Association of Insurance Commissioners consumer database using NAIC number 23780, it shows:

• Complaints Last 3 Years: 4,325
• Complaint Index: 0.68

The complaint index compares the company’s share of complaints to its size based on premium dollars. An index of 1.0 is considered average. So Nationwide’s complaint index of 0.68 indicates it has fewer-than-average complaints compared to competitors.

Consumers can search the complaint database by NAIC number to check the complaint history of any insurer before purchasing a policy. This allows them to avoid companies with large numbers of unresolved complaints.

Regulators also use the complaint data associated with an insurer’s NAIC number to spot potential problems or trends that may require additional oversight or on-site market conduct examinations. So the NAIC number allows both regulators and consumers to monitor complaint records.

Using the NAIC Number to Look Up Financial Strength Ratings

The NAIC number is also useful for looking up independent financial strength ratings provided by agencies like A.M. Best, Moody’s and Standard & Poor’s. These ratings assess the financial health of an insurer, based on its NAIC regulatory filings, to evaluate its ability to pay out future claims.

For example, here are the current ratings for Nationwide Mutual Insurance Company, NAIC #23780:

• A.M. Best: A+ (Superior)
• Moody’s: A1 (Good)
• Standard & Poor’s: A+ (Strong)

Since Nationwide Mutual has strong financial strength ratings from multiple agencies, consumers can have increased confidence in the company’s financial health and claims-paying ability. The NAIC number allows consumers to cross-reference and look up these ratings.

The NAIC Number Provides Peace of Mind

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