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
Law that provided for federal crime insurance. Because private insurance is not available for business owners and residents of certain high-crime areas, the act provides that the federal ...
The right to purchase insurance without physical examination; the present and past physical condition of the applicant are not considered. ...
Waiver of an impairment of an applicant for health insurance by attaching an endorsement to the health insurance policy stating that the policy will pay no benefits in connection with the ...
In workers compensation insurance policies and several business property and liability policies, review of the payroll of a business firm in order to determine the premium for coverage. ...
Clause in liability insurance policies stating that the insurance company has a legally enforceable obligation to pay all claims and defend all suits (even if groundless) up to the policy ...
Exchange of a new policy for one already in force. ...
Law that places limitations on an uninsured motor vehicle owner or motor vehicle operator's ability to recover damages in the event of a motor vehicle accident. The state of Louisiana ...
Coverage for paintings, pictures, etchings, tapestries, art glass windows, antique furniture, coin collections, and stamp collections owned by individuals and businesses. These works are ...
Injuries that afflict the tendons, bones, muscles, and nerves of the back, hands, arm, shoulders, and neck. These are the fastest growing areas of workers compensation claims. The symptoms ...
Have a question or comment?
We're here to help.