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
Method of classifying risks to establish equitable rates. In many property and liability insurance lines, the location of an insured has a significant impact on the loss experience. For ...
Circumstances in life insurance in which, although a minimum rate is guaranteed, a policyowner may earn additional (excess) interest, depending on the company's investment return. ...
Requiring assets and liabilities of an insurance company to go up or down together on a proportional basis. The duration of the asset and liability should be approximately the same. For ...
Condition that results from injury or disease that is not job related. Workers compensation applies to employees disabled by on-the-job injuries or disease. In addition, five states require ...
Computer system established by London trade associations for processing insurance policies. The work of LIMNET involves the notification and settlement of insurance policy claims. ...
Clause in a property insurance policy that requires the insurance coverage in that policy to be allocated in the proportion that it bears to the total insurance coverage in force from all ...
Bureau insurer that files its statistical and underwriting experience with a rating bureau. ...
Plan under which an employee authorizes his or her employer to deduct from each paycheck premiums due on an insurance plan. ...
Frequency of premium payment; for example annually, semiannually, quarterly, or monthly. ...
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