Serio: NAMIC SVO Comments ?Inappropriate'
NU Online News Service, Dec. 23, 11:43 a.m. EST--New York Insurance Superintendent Gregory Serio called an insurance industry association's comments regarding the valuation of Insurance Services Office securities "simply incorrect and inappropriate."[@@]
The comments from the National Association of Mutual Insurance Companies, reported last Friday by National Underwriter, alleged that "missing papers" were at the heart of the Securities Valuation Office's decreasing the value of ISO class B shares from $71 at year-end 2003 to about $12 this year. Such a precipitous drop could affect carriers' portfolios.
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