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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 Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

United States
. 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 Verisk Analytics, Inc. is an American data analytics and risk assessment firm based in Jersey City, New Jersey, with customers in insurance, natural resources, financial ...
. Rating bureaus publish standardized
insurance policy In insurance Insurance is a means of protection from financial loss. It is a form of risk management Risk management is the identification, evaluation, and prioritization of risk In simple terms, risk is the possibility of something ...
forms and prices that
insurance company Insurance is a means of protection from financial loss. It is a form of risk management Risk management is the identification, evaluation, and prioritization of risk In simple terms, risk is the possibility of something bad happening. ...
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. In 1975 its name was changed and scope was broadened to include all insurance products.Fact or Fiction? Insurance Tidbits of Known and Little-Known Information
''Insurance Journal''.


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.


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 Insurance Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an ...
Lisle, Illinois
Companies based in Chicago {{CatAutoTOC Companies based in Cook County, Illinois Companies based in Illinois by city, Chicago Economy of Chicago Organizations based in Chicago ...