Naic: Model Asset Valuation Act National Association Of Insurance Commissioners
Definition of "Naic: model asset valuation act national association of insurance commissioners"
Model state law providing guidelines by regulators for valuation of securities on the books of insurance companies. The act has two sections: one for valuation of fixed rate bonds and debt securities, and the other covering valuation of other securities such as common and preferred stocks as well as stock in an insurance company's subsidiaries. The model law provides that bonds be valued at cost, adjusted for any purchase discounts or premiums. Preferred and guaranteed stocks while paying dividends can be carried at par value, while other securities such as common stocks are carried at market or appraised value. Valuation of stock in subsidiaries is limited by the law to no more than the value of the subsidiary's ADMITTED ASSETS when valued as if they were on the books of the insurance company parent.
Popular Insurance Terms
Calculations involving the mortality rate of a company's insureds and the rate of return on the company's investments. It is used in calculating the prospective reserve. ...
Combination of coverages from property and liability policies. ...
Accident policy that covers a traveler for a single trip on an airplane or other common carrier. The name comes from its origin as part of the ticket or ticket stub, but these policies are ...
Break in commercial activities due to the occurrence of a peril. Coverage against business interruption by various named perils can be obtained through insurance. ...
Limitation under a contributory pension plan of an employee's right to receive vested benefits. The employee can withdraw contributions to the pension plan only according to stated ...
In a pension plan that an employer is required to make against future contributions (other than a cash basis as required by the IRS). Such credits may arise when an employee leaves an ...
Coverage against flooding for personal and business property under the National Flood Act of 1968, which encourages participation by private insurers in the program through an industry ...
In life insurance, single payment instead of a series of installments. ...
Accrediting body for the ACAS (Associate of the Casualty Actuarial Society) designation and the FCAS (Fellow of the Casualty Actuarial Society) designation. To earn these designations, ...
Have a question or comment?
We're here to help.