A Note from the AICP Gulf States Chapter Vice Chairman: NAIC Invoices Due December 18 for Insurers Owning Non-Agency Residential Mortgage-Backed Securities
Date Published: 12-16-2009
A Note from the AICP Gulf States Chapter Vice President, Rich Fidei
Above: Richard J. Fidei, Esq.
AICP Gulf States Chapter Vice President
AICP Members are advised that invoice payments for more than 1,600 insurers that own non-agency Residential Mortgage-Backed Securities ("RMBS") are due on December 18, 2009.
The RMBS initiative was approved by the National Association of Insurance Commissioners ("NAIC") for the purpose of creating a new modeling and assessment process for non-agency RMBS for filing year 2009. This assessment process will assist state regulators in ultimately determining applicable risk-based capital requirements.
NAIC-approved assessments to pay for the project will be based on Schedule D information from December 31, 2008 Annual Statement filings of insurers that own non-agency RMBS. The total costs for the RMBS initiative are estimated at $4.6 million.
Comprehensive information on the project, including an audio presentation and interim reporting instructions can be accessed by clicking here.
Hyperlinks to main topics are provided below:
- Background of the RMBS Initiative
- Assessment Fees
- RMBS Securities File
- How to File RMBS for 2009 Annual Statement Filing
- Interim Reporting Instructions for the Year Ending December 31, 2009
- Clarifying references to the Purposes and Procedures Manual In SSAP No. 43R (PDF)
- RMBS File Terms of Use Agreement
- Frequently Asked Questions
- Responses to Questions and Comments
- RMBS Output Sample (Excel)
Louisiana Insurance Council Polls Membership on RMBS Invoice
The Louisiana Insurance Council ("LIC") is polling its membership to determine who has received RMBS invoices and other related communication from the NAIC. Respondents are asked to include the amount of the invoice and email to LIC Executive Director Phyllis Perron at LPA@pperron.com.
Should you have any questions or comments, please contact Colodny, Fass, Talenfeld, Karlinsky & Abate.
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