Financial Services Industry
Industry: Email Alert RSS FeedNAIC's securities valuations blasted. (General Accounting Office report on National Association of Insurance Commissioners state solvency regulations)
National Underwriter Life & Health-Financial Services Edition, January, 1993 by Brostoff, Steven
The General Accounting Office (GAO) has criticized the National Association of Insurance Commissioners (NAIC) and its Securities Valuation Office (SVO) for establishing inadequate bond valuation standards and failure to enforce the state solvency regulations for the insurance industry. The GAO cited that in 6 out 56 cases studied, SVO ratings failed to disclose serious financial difficulties of insurance companies and attributed the Executive Life insolvency to an SVO rating based on incomplete information. The NAIC claims that the GAO report is erroneous and based on incomplete sampling.
WASHINGTON - The National Association of Insurance Commissioners appears unable to support state solvency regulation through its Securities Valuation Office, according to the General...
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