Model Insurers Supervision, Rehabilitation, And Liquidation Act Of 1977
Model law endorsed by the national association of insurance commissioners (naic) giving state regulators broad new powers to deal with financially troubled insurance companies. The act was intended to replace the model Insurers Rehabilitation and Liquidation Act, which me NAIC endorsed in 1969. The new model would make it easier for insurance commissioners to gain control of impaired insurers by listing new grounds for placing them in liquidation and rehabilitation. The act also sets liquidation standards for interstate cooperation among regulators.
Popular Insurance Terms
Investment risk associated with the psychology of the market in that emotions affect the price of a company's stock that, in most instances, has nothing to do with the current or potential ...
Situation where a stock insurer must invade its capital account in order to meet its obligations. Most states do not allow insurers to do this and quickly rescind their right to do business. ...
Transaction by a tax-exempt organization with a person from inside the organization (disqualified person) that provides an economic benefit to that person that is in excess of the value of ...
Private, not-for-profit-group that develops and publishes safety codes and standards relating to protection of people and property against fire. The NFPA is financed by fees for technical ...
Life insurance policy under which its face value is payable only if the insured survives to the end of the stated endowment period; no benefit is paid if the insured dies during the ...
Insurance company's total investments in financial securities. ...
Written statements on a form by a prospective insured about himself, including assets and other personal information. These statements and additional information, such as a medical report, ...
Financial analysis method established by the national association of insurance commissioners (naic) to detect problems of property and casualty insurance companies and life and health ...
Term referring to the most common charge, in health insurance, for a service. ...
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