Summary
The American Association of Insurance Services (AAIS) is a national insurance advisory organization in the United States.
| Company type | Privately held |
|---|---|
| Founded | 1936 |
| Headquarters | Lisle, Illinois |
Area served | United States |
Key people | Edmund J. Kelly, CEO |
| Products | Insurance |
| Website | www |
Among other things, is one of the two major "rating bureaus" in the United States, along with the Insurance Services Office.[1] Rating bureaus publish standardized insurance policy forms and prices that insurance company customers use in their business.[2] This expedites compliance and allows the policyholder customers to compare policy forms more easily. Companies which do not use the standardized form exactly will often use it as a base with subtle modifications.
It was founded in the 1930s as the Chicago-based Transportation Insurance Rating Bureau focused exclusively on inland marine insurance. In 1975 its name was changed and scope was broadened to include all insurance products.[3]
Background edit
In 1936, AAIS was formerly known as Travel Insurance Rating Bureau, founded as a non-profit trade organization. Its company practices focused primarily on tariff and regulatory declarations concerning travel insurance risks. The activities of the Association slowly expanded to involve all threats of property. In 1975, the name was changed into American Association of Insurance Services. In 1984, it was incorporated in Delaware as 501(c)(6) non-profit organization.[4]
The American Association of Insurance Services (AAIS) provides insurance policy forms and the risk history assessment details provided by property and casualty insurance firms. AAIS offers details on product creation, statistical research, compliance, administrative paperwork and technical preparation to more than 700 insurance agencies.[5]
In 2009, AAIS organized an annual conference held in Half Moon Bay, California, and Jack M. Rader was appointed as the new chairman. He succeeded James w. Sullivan.[6]
In 2012, Edmund J. Kelly was appointed President and CEO.[7]
References edit
- ^ Reevaluating Standardized Insurance Policies.
- ^ Insurance rating bureaus. Journal of Insurance Regulation.
- ^ Fact or Fiction? Insurance Tidbits of Known and Little-Known Information. Insurance Journal.
- ^ "Report on Examination of the AAIS, Inc" (PDF). Insurance Delaware Government. December 31, 2005. Retrieved April 3, 2020.
- ^ "American Association of Insurance Services (AAIS)". Investopedia. May 31, 2018. Retrieved April 3, 2020.
- ^ "Rader Elected American Association of Insurance Services Chairman". Insurance Journal. May 1, 2009. Retrieved April 3, 2020.
- ^ "Edmund Kelly Named President of AAIS; New Yorkers Among Leaders". www.insurance-advocate.com. Retrieved 2022-02-28.
External links edit
- AAIS website