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
Protection against natural disasters that may strike crops. Coverage on all risks basis began in 1948 under the auspices of the U.S. Department of Agriculture. Premiums reflect actual ...
Financial incentives credited to the policy to encourage the policyowner to keep the policy in force. The incentives may be utilized by: (1) applying them to the policy cash value after a ...
Legal case in which the United States Supreme Court held that pension assets are to be excluded from the bankruptcy estate of the plan participant. ...
Model state law of the NAIC that requires that two interest adjusted cost indices must be illustrated within each life insurance policy issued: NET PAYMENTS INDEX; and SURRENDER COST INDEX. ...
Endorsement to a scheduled property floater that provides all risks protection for street clocks. Clocks and signs attached to business property can be covered under the Standard Fire ...
Supplementary life insurance reserve required by state regulators when the gross premium is lower than the valuation premium. Some life insurers are able to charge policyholders a premium ...
Protection in the event of accidental discharge, leakage, or overflow of water from plumbing systems, heating, air conditioning, and refrigerating systems, and rain or snow through broken ...
Method of selling insurance directly to insureds through a company's own employees, through the mail, or at airport booths. The company uses this method of distribution rather than ...
credit reflected on a ceding company's annual statement, showing reinsurance premiums ceded and losses recoverable from the reinsurer. ...
Have a question or comment?
We're here to help.