Insurance companies will get a $790,000 break on the annual fee the National Association of Insurance Commissioners levied on carriers who exercised their right to avoid an NAIC rating of their stock portfolios.
The $790,000 represents half of the 2005 $1.58 million fee assessed to insurance companies under the terms of a 2003 agreement. Under that arrangement insurers could exempt securities rated by a nationally recognized standard rating organization from review by the NAIC Securities Valuation Office.
The annual assessment was intended to ensure that the new exemption did not result in any loss of revenue to the NAIC.
Continue Reading for Free
Register and gain access to:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
