What does the acronym IRIS stand for?

The acronym IRIS stands for Insurance Regulatory Information System. This system is utilized by insurance regulators to monitor the financial health and stability of insurance companies. It provides a standardized framework for analyzing the performance of insurers based on various financial ratios and data metrics. The primary purpose of IRIS is to identify potential financial difficulties within insurance companies, allowing regulators to intervene if necessary to maintain market stability and protect policyholders.

IRIS plays a crucial role in the insurance regulatory landscape by helping to ensure that companies remain solvent and able to meet their obligations to policyholders. By using this system, regulatory bodies can effectively oversee the industry and make informed decisions regarding the companies under their jurisdiction.