SVIA

Glossary

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NAIC

See National Association of Insurance Commissioners.

National Association of Insurance Commissioners (NAIC)

A regulatory support organization in the United States governed by insurance regulators from all 50 states, the District of Columbia, and five U.S. territories. The NAIC is used as a forum for the creation of model laws and regulations, that states can then decide whether to adopt (with or without modifications) or not.

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Nationally Recognized Statistical Ratings Organization (NRSRO)

A firm that evaluates the financial quality of an institution’s debt, the claims paying ability of life insurance companies, and/or the deposit credit rating of banks. Examples of NRSROs include Fitch Ratings, Moody’s Investors Service, Inc., and Standard & Poor's Ratings Services.

Net Crediting Rate

The crediting rate after adjusting for some or all expenses and any special provisions of the product, expressed as an effective annual yield.

Non Benefit-Responsive

This term is used to describe investment contracts that do not meet the requirements of Statement of Position 94-4-1 or FASB Statement of Position AAG INV-1. Non-benefit responsive investment contracts may not be accounted for at book value. (See also benefit-responsive and book value accounting.)

Non-Participating

A characteristic of certain investment contracts, such as a traditional GIC, such that the contract’s crediting rate is not affected by the contract's cash flow experience or the performance of the associated assets.

NRSRO

See Nationally Recognized Statistical Ratings Organization.