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
Total premiums generated from all policies written by an insurance company within a given period of time. ...
Right of an insured to make additional purchases of life insurance without having to take a physical examination or show other evidence of insurability. Additions can be bought at stated ...
Group of insurers or re insurers involved in joint underwriting. Members typically take predetermined shares of premiums, losses, expenses, and profits. Syndicates, more common in ...
Sum total of the annual effective rate of return earned by an owner of a bond if that bond is held until its maturity date. This effective return includes the current income generated by ...
Coverage that pays a fixed dollar amount of interest at regular intervals. ...
Expectation of illness or injury. The probability of such occurrence is shown by a morbidity table, which is important in determining the premiums for health insurance policies. ...
Land and attached structures. Interest in real estate can be protected through various insurance policies. ...
Employee benefit program that emphasizes the pursuit of a lifestyle that minimizes the occurrence of sickness through an organized program of preventive medicine. Such a program includes ...
Coverage against foreign country expropriation underwritten by the overseas private investment corporation (OPIC) for U.S.-owned companies investing in given developing countries. ...
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