Insurance Company Solvency: Hearing Before the Subcommittee on Antitrust, Monopolies, and Business Rights of the Committee on the Judiciary, United States Senate, One Hundred First Congress, Second Session, on Insurance Company Solvency and Reporting Methods, December 10, 1990, Volume 4 |
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A.M. Best accounting practices accounting principles ACLI admitted assets affiliate amortized cost amount annual statement annuity appraisal assessment asset/liability balance sheet banks Best's BORMAN Breeden bullet loans capital and surplus commercial real estate company's concern current market economic evaluation examination Federal financial institutions financial reinsurance financial statements GAAP GEICO guaranty associations guaranty laws guaranty system Health Insurance historical cost income insolvency Insurance Commissioners insurance companies insurance departments insurance industry insurance regulators insurer's interest rates invested assets IRIS ratios issues junk bonds LENNON life/health long-term losses marked to market market value MAYEWSKI million mortgage loans MSVR Mutual NAIC NAIC Model National percent policyholders preferred stocks premiums prevailing market conditions problems real estate regulatory reinsurance reserve credit result risk savings and loan Senator METZENBAUM Senator THURMOND solvency standards statutory accounting Statutory accounting principles surplus notes Task Force thrift industry TIAA underwriting Vice President York
Popular passages
Page 147 - If purchased at par, at the par value; if purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in...
Page 81 - ... the items or details to be shown in the balance sheet and earning statement, and the methods to be followed in the preparation of accounts, in the appraisal or valuation of assets and liabilities, in the determination of depreciation...
Page 150 - ... (2) Preferred or guaranteed stocks or shares while paying full dividends may be carried at a fixed value in lieu of market value, at the discretion of the commissioner and in accordance with such method of computation as he may approve.
Page 159 - If purchased above or below par, on the basis of the purchase price adjusted so as to bring the value to par at maturity and so as to yield in the meantime the effective rate of interest at which the purchase was made...
Page 96 - ... in reporting its investment portfolio, and an analysis of any material effect on future earnings from unrealized portfolio losses and portfolio sales. In appropriate circumstances, failure to disclose such items will result in enforcement action by the Commission. The staff will continue its current practice of carefully considering the adequacy of disclosures made by financial institutions. The Commission's staff has also encouraged the AICPA to provide accounting and disclosure guidance applicable...
Page 140 - Personal property acquired pursuant to chattel mortgages made in accordance with section 124 shall not be valued at an amount greater than the unpaid balance of principal on the defaulted loan at the date of acquisition, together with taxes and expenses incurred in connection with such acquisition, or the fair value of such property, whichever amount is the lesser.
Page 135 - Other real property held by an insurer shall not be valued at an amount in excess of fair value as determined by recent appraisal. If valuation is based on an appraisal more than three years old, the commissioner may at his discretion call for and require a new appraisal in order to determine fair value.
Page 145 - Purchase money mortgages on real property referred to in subsection (1) of section 136 of this chapter shall be valued in an amount not exceeding the acquisition cost of the real property covered thereby or ninety percent (90%) of the fair value of such real property, whichever is less.
Page 83 - Depository Institutions Deregulation and Monetary Control Act of 1980, Pub. L. No. 96-221, 94 Stat. 132 (1980) (codified as amended in scattered sections of 12 USC).
Page 140 - Real property acquired pursuant to a mortgage loan or contract for sale, in the absence of a recent appraisal deemed by the commissioner to be reliable, shall not be valued at an amount greater than the unpaid principal of the defaulted loan or contract at the date of such acquisition, together with any taxes and expenses paid or incurred in connection with such acquisition, and the cost of improvements thereafter made by the insurer and any amounts thereafter paid by the insurer on assessments levied...