525190 - Other Insurance Funds
If you’re involved in the finance and insurance sector, understanding NAICS codes is crucial for classification, compliance, and business development. One important code in this realm is NAICS Code 525190 - Other Insurance Funds. This classification covers unique insurance fund management activities beyond traditional life, health, or property and casualty insurance.
In this blog post, we’ll break down what NAICS 525190 entails, its sector relevance, typical business activities, size standards, and provide insightful FAQs to clarify its scope.
What is NAICS Code 525190?
NAICS Code 525190 - Other Insurance Funds includes establishments primarily engaged in managing insurance funds that are not classified under life, health, or property and casualty insurance funds. This means the industry oversees specialized insurance-related funds like pension funds, employee benefit funds, self-insurance funds, and workers' compensation insurance funds.
Sector Overview: Finance and Insurance
NAICS 525190 falls under the broader Finance and Insurance sector. This sector plays an essential role in managing financial risk and providing economic security through various insurance fund vehicles. Businesses operating under this code are pivotal in:
- Managing pooled resources for employee benefits
- Handling pension and retirement fund administration
- Administering workers’ compensation insurance funds
- Overseeing self-insurance funds (excluding employee benefit funds)
Typical Business Activities Under NAICS 525190
Businesses classified under NAICS 525190 generally engage in:
- Pension funds management: Overseeing retirement and benefit pension funds for organizations, ensuring fund growth, compliance, and disbursement.
- Employee benefit funds administration: Managing funds set aside for employee benefits beyond health insurance, including disability, unemployment, and other special funds.
- Other insurance fund management: Handling insurance funds that cover various compensation and self-insurance arrangements, such as workers’ compensation.
Size Standard for NAICS 525190
To qualify under this NAICS code for government contracting or small business designation, firms must meet the size standard of $40 million in average annual receipts. This threshold helps agencies and contractors identify eligibility for small business programs and compliance requirements.
Examples of Businesses Under NAICS 525190
- Pension fund management companies handling retirement benefit portfolios
- Firms administering employee benefit funds, excluding typical health insurance frameworks
- Organizations managing self-insurance funds for workers’ compensation claims
- Specialist insurers focusing on funds related to employee compensation other than health insurance
Detailed NAICS Code 525190 Information Table
| Attribute | Details |
|---|---|
| NAICS Code | 525190 |
| Title | Other Insurance Funds |
| Description | Managing insurance funds other than life, health, and property/casualty insurance funds including pension, employee benefit, and other related funds |
| Sector | Finance and Insurance |
| Code Details | Compensation insurance funds, workers’ insurance funds, self-insurance funds (except employee benefit funds), employee benefit fund administration |
| Size Standard | $40 million annual receipts |
| Typical Business Activities | Pension funds management, employee benefit funds administration, self-insurance fund management |
FAQs about NAICS Code 525190 - Other Insurance Funds
1. What types of funds are covered under NAICS 525190?
NAICS 525190 covers pension funds, employee benefit funds (excluding health insurance), workers' compensation funds, and self-insurance funds that do not include employee benefit funds.
2. How is NAICS 525190 different from other insurance fund codes?
This code excludes traditional life, health, and property and casualty insurance funds, focusing instead on supplemental and specialized insurance funds like pension and workers' compensation funds.
3. What is the size standard for firms classified under NAICS 525190?
The size standard is $40 million in average annual receipts, which is used to determine eligibility for small business programs.
4. Can a pension fund management company fall under this NAICS code?
Yes, companies managing pension funds are typically classified under NAICS 525190.
5. Is self-insurance fund management included in NAICS 525190?
Yes, but only self-insurance funds except employee benefit funds are included.
Conclusion
NAICS Code 525190 - Other Insurance Funds represents a specialized yet critical segment of the finance and insurance industry. Understanding this classification helps businesses ensure proper categorization, comply with federal regulations, and leverage government contracting opportunities. Whether you manage pension plans, employee benefit funds, or other unique insurance funds, knowing your NAICS code is a vital step toward business success.
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