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
Same as term Line Limit: maximum amount of a specified type of insurance coverage, according to underwriting guidelines, that an insurance company feels it can safely underwrite on a ...
Vehicle that is available to anyone in the United States as a means for savings in a tax-exempt fashion for college, graduate, or professional schools or other eligible accredited business, ...
Quality of investments of insurance companies. State insurance regulators establish rules for company investments. Authorized investments vary, depending on whether a company is a life ...
Landmark legislation passed by Congress providing the first regulation of the securities markets. The law, enforced by the securities and exchange commission (sec), requires registration of ...
Distribution of a deceased beneficiary's share of an estate among all of his or her living heirs. Contrast with per stirpes. ...
Reinsurance: surplus reinsurance contracts under which the agreement between an insurer and a re insurer is based on the ceding company's line guide, such that the amount re insured is ...
Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products ...
Process of distributing the costs associated with losses and risks over a number of insureds. ...
Date of the initial annuity payment. ...
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