The American Association of Insurance Services (AAIS) is a national insurance advisory organization in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

. Among other things, is one of the two major "rating bureaus" in the United States, along with the

Insurance Services Office Insurance Services Office, Inc. (ISO), a subsidiary of Verisk Analytics, is a provider of statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information abo ...

. Rating bureaus publish standardized

insurance policy In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as ...

forms and prices that

insurance company Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

customers use in their business. 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 Inland marine insurance in the United States indemnifies loss to movable or specialized types of property, historically developing as an outgrowth of ocean marine insurance. This category of insurance includes property coverage for construction e ...

. In 1975 its name was changed and scope was broadened to include all insurance products.

Background

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. 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. 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. In 2012, Edmund J. Kelly was appointed President and CEO.

References

External links

AAIS website
{{Authority control Actuarial firms American companies established in 1975 Financial services companies established in 1975 Insurance companies of the United States Lisle, Illinois Companies based in Chicago