Ala. Admin. Code r. 482-1-098-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 482-1-098-.02 - Purpose And Scope

(1) All securities owned by an insurer shall be valued in accordance with those standards promulgated by the NAIC Capital Markets and Investment Analysis Office (CMIAO). Any security owned by an insurer that has not been valued by the CMIAO shall be submitted to the CMIAO for valuation in accordance with the procedures of the CMIAO.

(2) Other invested assets, not otherwise valued by statute, shall be valued in accordance with the procedures promulgated by the NAIC's Financial Condition (E) committee.

(3) Any security not valued in accordance with this rule shall be carried as a non-admitted asset on all financial statements of the insurer until such time as the insurer has complied with Paragraph (1) or (2) of this rule.

Ala. Admin. Code r. 482-1-098-.02

New: July 5, 1994; effective July 15, 1994. Filed for codification in the Alabama Administrative Code by the Department of Insurance on November 14, 2005, pursuant to the Code of Ala. 1975, § 27-7-43.

Amended by Alabama Administrative Monthly Volume XXXV, Issue No.02, November 30, 2016, eff. 11/20/2016.

Author: Commissioner of Insurance

Statutory Authority:Code of Ala. 1975, § 27-2-17.