NAIC 1 definition

NAIC 1 means (a) the rating NAIC 1 of the NAIC and (b) the rating assigned to any asset that requires a Risk-Based Capital Factor of not more than the Risk-Based Capital Factor required for Invested Assets rated NAIC 1. If the ratings system of the NAIC shall change or if the NAIC shall cease to assign quality ratings to Invested Assets, then, in furtherance of the last sentence of Section 1.02, the Borrower and the Lenders will negotiate in good faith to substitute for the references to NAIC 1 in this Agreement references to equivalent ratings reflecting such changed rating system or the non-availability of ratings from the NAIC.
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Examples of NAIC 1 in a sentence

  • Collateral assets shall be cash, cash equivalents or securities of a quality equivalent to NAIC 1 or 2 rated securities.

  • Deletions from (or additions to) these provisional Initial Closed Block Assets as described above must be determined after the Closed Block Funding Date, to reflect the actual insurance business in force as of midnight at the start of the Closed Block Funding Date, the assets provisionally selected, and the actual assets available for a later true-up (which may be in the form of cash, US Treasury securities and investment grade publicly traded corporate bonds in the NAIC 1 category).

  • If the rating on any securities so invested is downgraded below NAIC 2, then such securities shall be promptly replaced with other NAIC 1 or 2 rated securities having the same face amount as the securities so replaced.

  • Assets maintained in the Escrow Account and investments and reinvestments thereof shall consist only of NAIC 1 or 2 rated securities, provided that such investments are issued by an institution that is not the parent, subsidiary or affiliate of either Seller or Buyer (“Authorized Investments”).

  • All policies of insurance required hereunder (the "Policies") shall be written by insurance companies having an insurance company claims paying rating from S&P and M▇▇▇▇'▇ of "A" or better and be considered equivalent to a NAIC 1 or other rating designation acceptable to the.

  • Such insurance shall be written by companies of nationally recognized financial standing with a claims paying rating ability of at least equivalent to an NAIC 1 (or such other rating required from time to time by NAIC regulations or guidelines) and authorized to do an insurance business in the state in which the Premises are located, and shall name as insured parties Lessor, Mortgagee and Lessee as their interests may appear.

  • In the absence of Bond Ratings, NAIC 1 will be purchased at BBB/Baa levels.

  • There will be no purchases made other than securities rated NAIC 1 or 2.

  • All policies of insurance to be procured by Lessee shall be issued by insurance companies having a claims paying rating ability of not less than NAIC 1 as established by the Securities Valuation Office of the National Association of Insurance Commissioners (or an equivalent Standard & Poors, ▇▇▇▇▇'▇ or Duff & ▇▇▇▇▇▇ rating), qualified to do business in the State of Arizona.

  • Ifthe counter-parties were insurance companies, the GAITS structure provided them with, among other things, the ability to invest in equity assets while protecting their principal investment and obtaining, by virtue of the principal protection, an NAIC 1 regulatory capital classification rating approved by the Securities Valuation Office ("SVO") ofthe National Association of Insurance Commissioners ("NAIC").

Related to NAIC 1

  • HUC 14 or "hydrologic unit code 14" means an area within which water drains to a particular receiving surface water body, also known as a subwatershed, which is identified by a 14-digit hydrologic unit boundary designation, delineated within New Jersey by the United States Geological Survey.

  • Brand Name or Equal Specification means a specification which uses one or more manufacturer’s names or catalogue numbers to describe the standard of quality, performance, and other characteristics needed to meet District requirements, and which provides for the submission of equivalent products.

  • Table 1 means Table 1 of the Reporting ITS.

  • Open type traction battery means a type of battery requiring filling with liquid and generating hydrogen gas that is released to the atmosphere.

  • NAICS means the North American Industry Classification System for the United States published under the auspices of the Federal Office of Management and Budget.