Final answer:
The NAIC, like Congress, utilizes committees to oversee the insurance regulatory system, but the exact number of standing committees beyond the Executive Committee was not provided. These committees resemble the standing committees of Congress, which are central to reviewing proposed legislation and shaping the agenda.
Step-by-step explanation:
The National Association of Insurance Commissioners (NAIC) plays a crucial role in overseeing the regulation of the insurance industry, which is primarily conducted at the state level. Unlike the U.S. Congress, which divides work based on specialization through various committees, the NAIC's structure for providing guidance and oversight of the regulatory system includes the Executive Committee and several other standing committees. However, the specific number of standing committees maintained by the NAIC, in addition to the Executive Committee, is not provided in the reference materials.
The functions of these committees are comparable to the role of specialized standing committees in both the House and Senate within the United States Congress. The standing committees in Congress are essential in the legislative process, with twenty in the House and sixteen in the Senate. These committees handle the raising and review of proposed bills, though not all bills make it to the floor for discussion. The NAIC functions in a similar way, supporting state insurance regulators in their efforts to keep insurance prices low and ensure widespread access to insurance, despite the potential for these goals to conflict or become politically entangled.