[1] MIB aims to uncover errors, omissions, misrepresentations on insurance applications to reduce fraud and anti-selection or adverse selection.
MIB's services are used exclusively by MIB's member life insurance companies to assess an individual's risk and eligibility during the underwriting of life, health, disability income, critical illness, and long-term care insurance policies.
The applicant authorizes MIB member insurance companies to search MIB, and as a result, the insurer may report certain medical conditions that impact a person's health or longevity, impacting risk assessment by the company.
[5] From 1902 through 1945, MIB was governed by a sub-committee of the Association of Life Insurance Medical Directors of America (ALIMDA).
In 1946, MIB was established as an unincorporated association under New York law and, in 1978, it became a Delaware membership corporation.