Article Abstract:
The A.M. Best Co is expanding its rating system to cover the financial strength of insurance companies in more detail than previously. New ratings of A++, B++ and C++ provide finer distinctions in the A, B and C categories. New ratings of D (Below Minimum Standards), E (Under State Supervision) and F (In Liquidation) have been added for companies that do not meet standards. Best is eliminating use of the 'contingent rating,' NA-7, and NA-10 categories. There is also a new NA-11 (Rating Suspended) category, which includes a 'not assigned' rating for companies that have not furnished sufficient information.
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Article Abstract:
The National Assn of Insurance Commissioners (NAIC) agreed to a review of its accreditation program and addressed several other key issues at its 1995 summer meeting in St. Louis, MO. The association voted to form stronger relationships with other insurance organizations, adopted a working definition of the NAIC, and decided to form a group to study program budgeting. The NAIC also voted to make its affairs more public. The group's top 5 salaries will be made public, and meetings will be open to the public.
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Article Abstract:
Insurance groups are concerned with the increased amounts of money the National Association of Insurance Commissioners Central Office (NAIC) wants to spend to expand and the increase in industry fees being raised to finance this expansion. For the first time, the NAIC held a public budget meeting, in Kansas City, MO, to ease industry-wide reaction to the increases. However, the 1995 budget will continue the expansion efforts of the NAIC.
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