Ala. Admin. Code r. 482-1-098-.02
Purpose And Scope
Effective Nov 20, 2016New: 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. Revised: November 10, 2016; effective November 20, 2016. Filed with LRS November 10, 2016. Rule is not subject to the Alabama Administrative Procedure Act.Alabama Department of Insurance
- (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.
Author: Commissioner of Insurance
Statutory Authority: Code of Ala. 1975, §27-2-17.
History: 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. Revised: November 10, 2016; effective November 20, 2016. Filed with LRS November 10, 2016. Rule is not subject to the Alabama Administrative Procedure Act.