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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.)


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.


See Nationally Recognized Statistical Ratings Organization.