Insurance companies will get a $790,000 break on the annual fee the National Association of Insurance Commissioners levied on carriers who exercised their right to avoid an NAIC rating of their stock portfolios.
The $790,000 represents half of the 2005 $1.58 million fee assessed to insurance companies under the terms of a 2003 agreement. Under that arrangement insurers could exempt securities rated by a nationally recognized standard rating organization from review by the NAIC Securities Valuation Office.
The annual assessment was intended to ensure that the new exemption did not result in any loss of revenue to the NAIC.
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