NAIC Releases Updated Form for Biographical Affidavits
The National Association of Insurance Commissioners (NAIC) has issued a new application; however, the process for completing the form remains the same.
The NAIC released the new form in December, 2019. The NAIC requires that filing of Biographical Affidavits be on the most recent form and signed within the last six (6) months prior to filing. The new application can be found here.
Unlike many other salary history bans, this Law includes current employees in the terms noted above. As such, while an employer can reference an employee's current salary to calculate a raise, the employer may not ask about salary history of an employee's previous jobs. "Current employee" is defined as a currently employed individual of the employer, its parent company or any subsidiary.
The NAIC Biographical Affidavit is required for certain corporate filings at the state level. Business Information Group (BIG) is an approved third party verification company. As such, BIG is able to perform this service for situations in which states require that an affidavit be filed and that a third party verify this information. As part of the verification process, we are required to ensure that the latest version of the form is utilized and that signatures are secured within the last six (6) months. To avoid issues and delays, it is recommended that the new form be utilized from this point forward.
Please contact your account management team with any questions or concerns.
Posted: February 6, 2020
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