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North American Industry Classification System Codes
Federal agencies use the North American Industry Classification System to classify businesses when collecting, analyzing, and publishing statistical data about the United States economy. This numeric coding system is also used for administrative, regulatory, contracting, and taxation purposes. When you register your business with Virginia Tax, you will need to provide the appropriate NAICS numeric code. You may also need to provide the code on some tax returns and applications for tax credits.
To determine the NAICS code for your business, go to NAICS on the U.S. Census Bureau’s website.
America And The World
The forces of globalization are transforming the insurance industry. The mergers of the late 1990s, which greatly expanded the international reach of insurance companies and banks, built upon the trend set in the mid-1980s, when a surge in multinational companies and international trade and investment encouraged the growth of many international insurance companies. Insurers, including property/casualty insurers, from the United States, Asia, and Europe expanded internationally through avenues such as branches, subsidiaries, and joint ventures.
From the viewpoint of U.S. insurers, global expansion has two sidesâU.S. expansion and investment abroad and foreign expansion and investment in the United States. U.S. insurers are becoming increasingly active in foreign expansion either through cross-border trade, in which foreign customers are covered by a company in the United States, or subsidiaries, which are located in the country where the customer is located.
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What Is The Naic Complaint Index
The NAIC Complaint Index can be a powerful tool if youre shopping for the best insurance companies with the highest customer satisfaction. The NAIC keeps track of the customer complaints it receives for insurance companies and categorizes them based on what policy type the complaint was about. It then converts these complaints into a complaint index score. An insurance company will have an overall complaint index score and complaint index scores for each product line it offers.
To understand how complaint index scores work, you must first know that the NAIC compares companies of similar size to determine the baseline, or average, amount of customer complaints. If a company has an average amount of customer complaints, it will have a complaint index score of 1.0. A complaint index score higher than 1.0 means that the company receives more complaints than average, and vice versa a complaint index score lower than 1.0 indicates fewer complaints than average.
In the table below, youll see the overall NAIC Complaint Index scores for the largest insurance companies by market share, as reported by the Insurance Information Institute, along with the scores for auto and home. Just remember the lower the companys complaint index score, the fewer complaints it receives.
| Insurance company | |
|---|---|
| 1.06 | 0.38 |
What Is Naics Code Example
Every company or LLC receives a primary NAICS code which is determined by the code definition that generates the largest revenue for a company at a specified location in the past year.
For example, Ecommerce stores have a NAICS code of 454110 for online businesses, although some Ecommerce businesses may have a secondary classification for other business activities. NAICS code association for an LLC is 551112. Similarly, all Chamber of Commerce are classified under 813910, which is defined as:
813910 – Business Associations
This industry comprises establishments primarily engaged in promoting the business interests of their members. These establishments may conduct research on new products and services develop market statistics sponsor quality and certification standards lobby public officials or publish newsletters, books, or periodicals for distribution to their members.
Real estates boards, trade associations and manufacturer associations and more would also be classified under this NAICS code.
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What Is A Sic Code Example
You can look do a SIC lookup by company name to view how a company is classified and what federal business code numbers is associated with their company.
One SIC code example is Cisco, which is classified as: Industry: 3577Computer Peripheral Equipment, Not Elsewhere Classified, and a secondary classification Industry: 7379Computer Related Services, Not Elsewhere Classified.
Many new companies may find it difficult to classify under SIC federal business code number system because it may not reflect their activities, and yet still need a SIC code, for one reason or another. As an example, SIC code federal number 9999 – Nonclassifiable Establishments is a final level code of the Public Administration Division. There are 451,665 companies currently classified in this industry in the USA alone.
Since SIC business codes are no longer updated and less descriptive and current than NAICS, you might be wondering what a SIC code is even used for? Many North American businesses know and occasionally use their SIC codes. Many governmental entities and agencies from the local to Dunn and Bradstreet to the local Chamber of Commerce maintain SIC codes and NAICS codes in a dual system. Older systems and databases may require a SIC code as an input value.
Sic 6411 Insurance Agents Brokers And Service
This industry includes agents primarily representing one or more insurance carriers, or brokers not representing any particular carriers who are primarily engaged as independent contractors in the sale or placement of insurance contracts with carriers, but not employees of the insurance carriers they represent. This industry also includes independent organizations concerned with insurance services. Establishments engaged in searching real estate titles are classified in SIC 6541: Title Abstract Offices .
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How Insurance Companies Use Naics Codes
What’s the best way to describe your company’s business operations? What type of industry are you involved in? What kinds products or services do you sell? These are some of the questions asked by commercial insurance companies when trying to classify your business by North American Industry Classification System code.
The NAICS was established in 1997 to replace the no longer sufficient SIC system. Insurance companies use NAICS codes to identify customers by industry code. NAICS codes classify the economy into 20 sectors, which are separated into 99 3-digit subsectors, which are divided into 311 4-digit industry groups, which are further subdivided into 709 5-digit industries, and finally disaggregated into 1057 6-digit U.S. industries.
The first two digits designate the largest business sector, the third digit designates the subsector, the fourth digit designates the industry group, and the fifth digit designates particular industries. The last digit designates national industries.
But how does your business classification affect your premiums and insurance cost? Let’s look at some of the the issues around how insurance companies use NAICS codes.
Business NAICS Codes
NAICS Structure
How Insurance Companies Use NAICS Codes – The Bottom Line
We hope this information on how insurance companies use NAICS codes has been helpful. Your classification determines how much you pay for your commercial insurance and much more.
Why Does Naics Code Matter
The North American Classification System is a joint effort by the three NAFTA countries, now signed under the United States-Mexico-Canada Agreement . It was developed and is maintained by the Instituto Nacional de Estadistica y Geografia in Mexico, Statistics Canada, and the United States Office of Management and Budget through its Economic Classification Policy Committee and staffed by the Bureau of Economic Analysis, Bureau of Labor Statistics and the Census Bureau. Companies are classified into industries with similar production processes in order to standardize data collection and comparison all across North American. Researchers can drill into the data using analytics and a NAICS code API to read and predict larger market trends across the entire region.
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Naics Code Directory Of Firms
A. * required field 531210, OFFICES OF REAL ESTATE AGENTS AND BROKERS 531311, RESIDENTIAL PROPERTY MANAGERS 531312, NONRESIDENTIAL PROPERTY MANAGERS 531320
NAIC. Code. Name of Company. Company Type. Mailing Address. City 15742 7710 INSURANCE COMPANY 31325 ACADIA INSURANCE COMPANY Property & Casualty.
Company Details NAIC Number : 16285 Phone Number: 302-310-1683 Company Address: C/O CORPORATION SERVICE COMPANY 251 LITTLE FALLS D · WILMINGTON, DE 19808
How We Make Money
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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to stricteditorial integrity,this post may contain references to products from our partners. Here’s an explanation of how we make money.Our content is backed byCoverage.com, LLC, a licensed entity . For more information, please see ourInsurance Disclosure
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Are Sic Codes Still Relevant
You might be wondering if SIC codes even matter if they are no longer revised and updated? Yes, very much so. While new SIC federal business codes are no longer updated, they are still utilised in many commercial databases and required for many different applications. Contractors and agencies may need to provide a SIC or NAICs federal business code in order to complete an application. The US Department of Labor and the Occupational Safety and Health Agency OSHA website publishes SIC codes. They will remain relevant to researchers and professionals for quite some time as older organizations transition slowly over to NAICS. Most companies and agencies are using NAICS, even if they also use SIC codes. Older industries and some public sector organizations may still find the SIC code system more relevant to their industry, so a dual system will probably exist well into the foreseeable future.
For marketers, SIC codes used with NAICS codes can supply more specific information and help segmentation and targeting.
What Do Sic Codes And Naics Codes Mean For Marketing Professionals
The Standard Industrial Classification and Northern American Industry Classification System represent the classification and codification of all business activity across the entire economic field in Canada, Mexico and the United States. Useful to business analysts, researchers, marketing, and sales teams, these extensive databases can generate original insights about industries and the companies who make them up. Marketers can use SIC codes and NAICS codes to target companies by industry, identify trends, qualify raw leads, segment markets and more.
Understanding both the Standard Industrial Classification and Northern American Industry Classification System can help you get the most from these databases, which represent an extensive survey of the economic landscape of North America, from larger market trends to company specific information about business activities.
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Why Does The Naic Matter
The NAICs role is to protect consumersand, likewise, to help each states insurance commissioner protect consumers. It keeps a detailed report of every legitimate complaint lobbied against an insurance company so consumers can better decide if they want to give a company their business. Furthermore, if consumers have a complaint themselves, they can also formally submit one online.
On the NAIC website, consumers can read detailed, easy-to-understand information about every type of insurance, the NAIC guidelines for laws it thinks each state should adopt and submit complaints about their insurance company. Consumers can receive answers to their questions about things like liability limits, coverage types and discounts.
The NAIC also offers professional education. If you are a state insurance regulator or industry professional, you can receive formal training and education through the NAIC. Much like a university, to obtain a professional degree or certificate with the NAIC takes, at minimum, three years to complete.
Every state has an insurance bureau website. The NAIC operates as the national version, even though it doesnt have any federal powers.
What Are Sic Codes And Naics Codes Global Database
To get a better idea of how NAICS and SIC codes look for insurance brokers and agencies, take the 6411 SIC code in insurance. The first 2-digits in the SIC
NAICS Codes 517312, Wired Telecommunications Carriers , 8.3 5241, Insurance Carriers, 8.4 5242, Insurance Brokers for non-admitted
NAICS stands for North American Industry Classification System. NAICS was developed in 1997 to replace the Standard Industrial
Unlike SIC codes, the NAICS codes were developed by the U.S. federal government in cooperation with Canadian and Mexican statistical agencies.
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How To Use Naics Codes To Classify Businesses On The Broker Platform
Discover the easy way to determine your clients industry on our Cyber application
If youre looking to get a Cyber quote on the Broker Platform, you must select the industry that best suits your clients business. At-Bay uses this industry classification to properly assess your clients risk and provide the best available coverage.
Our application includes 20 distinct industry classifications, as well as Other Services for businesses that dont quite fit in with the rest. Most industry classifications are intuitive and obvious, but occasionally it can be difficult to make the right choice.
When In Doubt, Do Not Default To Other Services
If youre ever unsure of how to classify your clients business, you may be inclined to default to Other Services. However, misclassifying a business can result in a quote that does not suit your clients business needs.
Brokers who incorrectly select Other Services often see terms changed or revoked, which creates extra work and needless hassle in the long run.
So to save you time and effort, were here to help show you how to use NAICS codes to classify businesses on the Broker Platform.
What Is NAICS?
The North American Industry Classification System is a standardized numerical categorization of businesses. Every type of business has a unique six-digit NAICS code that corresponds to its sector and primary activity.
How Does At-Bay Utilize NAICS codes?
How Do I Find The NAICS Code For My Clients Business?
Insurance Company Search Results Dfs Portal
NAIC#Company NameOrgDomicileGroup# /Group Name31325Acadia Insurance CompanyPCIowa98/W.R. Berkley Cor11251Encompass Independent Insurance CompanyPCIllinois8/ALLSTATE INS. G11252Encompass Home and Auto Insurance CompanyPCIllinois8/ALLSTATE INS. GView 395 more rows
North American Industry Classification System Codes The latest NAICS codes are referred to as NAICS 2012. Insurance Agencies and Brokerages.
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What Do Naics Stand For
NAICS stands for the North American Industry Classification System . This system replaced the four-digital SIC system with a system of 6-digit codes. NAICS codes were jointly developed and adopted by Mexico, Canada and the United States. The NAIC codes were designed to reflect the composition of the changing economic landscape with its service and technological character, and also to standardize industry data collection and analysis between the North trade bloc partners, although it is not tied to any specific agreements. You can use NAICS codes to search for North American industry and trade statistics, financial data, competitor information, and more.
Establishment And Firm Size Statistics
The economic census produces detailed statistics on the size of establishments and firms for every sector except Management of Companies and Enterprises . All data are available at the national level and includes only establishments and firms with payroll. Content includes statistics by employment and sales, value of shipments, or revenue size for establishments and firms single unit and multiunit firms concentration of largest firms and legal form of organization.
Formatted Tables
- EC1700SIZECONCEN – Selected Sectors: Concentration of Largest Firms for the U.S.: 2017
- EC1700SIZEEMPEST – Selected Sectors: Employment Size of Establishments for the U.S.: 2017
- EC1700SIZEEMPFIRM – Selected Sectors: Employment Size of Firms for the U.S.: 2017
- EC1700SIZELFO – Selected Sectors: Legal Form of Organization for the U.S.: 2017
- EC1700SIZEREVEST – Selected Sectors: Sales, Value of Shipments, or Revenue Size of Establishments for the U.S.: 2017
- EC1700SIZEREVFIRM – Selected Sectors: Sales, Value of Shipments, or Revenue Size of Firms for the U.S.: 2017
- EC1700SIZESUMU – Selected Sectors: Single Unit and Multiunit Firms for the U.S.: 2017
Dataset
Links includes all released geographies and NAICS codes.
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Asi Naics Lookup Utility
524200, Agencies, Brokerages, and Other Insurance Related Activities 524210, Insurance Agencies and Brokerages 524291, Claims Adjusting 524292, Third Party
provide products and services throughout the agency as either prime determining if they are aligned with that NAICS codes for what Treasury buys.
NAICS Codes 523999, Miscellaneous Financial Investment Activities 524210, Insurance Agencies and Brokerages 531210, Offices of Real Estate Agents and Brokers.
Insurance Agencies And Brokerages
Description
This industry comprises establishments primarily engaged in acting as agents in selling annuities and insurance policies.
Alternate NAICS Descriptions
- Life insurance agencies
Related NAICS Codes
- Establishments primarily engaged in underwriting annuities and insurance policies are classified in Industry Group 5241, Insurance Carriers.
Sample Companies
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