Services higher than budget ($972k) principally due to advance ratings ($950k) by the Securities Valuation Office
, and NAIC national meeting revenue is higher than budget due to "strong sponsorships and registrations for the International Association of Insurance Supervisors annual meeting in October." It is unclear how much sponsorship money the NAIC generally receives, if any.
Chris Evangel, managing director of the Securities Valuation Office
, was the next highest paid at $307,878 followed by Beal at $262,500.
For 2007 year-end reporting, the memo addresses all ACA bonds rated 'CCC' by S&P, the equivalent of an NAIC 5 rating from the Securities Valuation Office
, the New York securities rating operation of the NAIC.
Since then, allocation to the NAIC's Securities Valuation Office
Class 1 has increased, that to Class 2 has decreased, with essentially no change in lower rated securities.
The joint hearing of the NAIC's Valuation of Securities Task Force and the Capital Adequacy Task Force was held in response to insurers' reaction to the classification of hybrid securities by the Securities Valuation Office
, the New York securities rating arm of the NAIC.
Filing exempt securities allow insurers to report these holdings to regulators without submitting them to the securities valuation office
, the NMC said.
Insurers and the Securities Valuation Office
, the NAIC's securities rating arm, based in New York, have been locked in a disagreement over how hybrid securities in insurers' portfolios should be treated.
The statement values of bonds and other securities are based on calcutations made by the NAIC's Securities Valuation Office
in accordance with strict statutory standards, which often require valuations that differ from market values.
The Securities Valuation Office
stunned the hybrid securities market March 15, by reclassifying $300 million in "Enhanced Capital Advantage Preferred Securities," or ECAPS, issued by Lehman Brothers Holdings Inc., New York, as common stock, rather than as preferred stock.
The Committee on Valuation of Securities became permanent in 1910, forming the precursor to the modern NAIC's Securities Valuation Office
THE NATIONAL ASSOCIATION of Insurance Commissioners, Kansas City, Mo., has waived a $790,000 second installment in a 2004 industry fee assessment for the organization's Securities Valuation Office
A committee of state regulators said the National Association of Insurance Commissioners' Securities Valuation Office
should be forced to balance its budget and may need to refund a portion of the fees insurers have paid to support the operation.