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Commissioners (NAIC), a voluntary association of State insurance
commissioners. NAIC publishes standard detailed forms upon which
each type of insurance company reports its annual financial
condition.
NAIC form 1A must be filed annually by petitioner with the
State of Washington. NAIC form 1A requires information regarding
whether a U.S. branch has sufficient admissible assets (all
assets of its U.S. branch other than the separate-accounts
business) over liabilities, including the statutory deposit. The
inside cover of NAIC form 1A states:
This Annual statement differs in some respects from
that for a United States Company and should not be
interpreted in the same manner. The most important
fact conveyed by the statement is whether the Company
has a sufficient amount of admissible assets to meet
all known liabilities of its United States business
including statutory deposit. For this reason, the
Annual statement balance sheet does not show the amount
of unassigned funds, or surplus, which are accrued from
earnings of the United States business, but rather
total United States admissible assets and total United
States liabilities and statutory deposit.
NAIC form 1 must be filed by domestic insurance companies
with their respective State regulatory agencies. Differences
between NAIC form 1A and NAIC form 1 include:
1. NAIC form 1A lists assets and liabilities with the assets
not necessarily equaling liabilities, capital, and surplus,
whereas NAIC form 1 includes a balance sheet;
2. NAIC form 1A lists income and expenses, but it does not
include realized capital gains and losses;
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Last modified: May 25, 2011