Regulatory
NAIC
Also known as: National Association of Insurance Commissioners, NAIC designation
status: draft
National Association of Insurance Commissioners. Sets capital requirements for insurance company investments through NAIC designations (1-6), where NAIC 1 requires the least capital and NAIC 6 the most.
What to watch
Insurance investors care about NAIC designation as much as rating. NAIC 1 (roughly AAA to A) gets favorable RBC treatment. NAIC 2 (roughly BBB) is still acceptable but higher capital charge. Unrated or below investment grade drives capital charges that often make the investment uneconomic.
Referenced in 41 topics
Accessing insurance capital for originators playbooks Aircraft leases asset-classes Auto loans and leases asset-classes Back leverage (provider perspective) capital-sources Bermuda and offshore insurance capital capital-sources Captive insurance companies capital-sources CECL and accounting considerations accounting-valuation Cell tower and data center ABS (digital infrastructure) asset-classes Container leases asset-classes CRE CLOs asset-classes Credit funds and private capital capital-sources Credit-linked notes / synthetic securitizations structures Entity types and tax considerations legal Equipment leases and loans asset-classes Finding the right capital partner playbooks Fund compliance and regulatory for ABF operations-lifecycle Infrastructure debt asset-classes Insurance ALM constraints capital-sources Insurance and bank investor considerations legal Insurance capital capital-sources Insurance-affiliated asset managers capital-sources Key participants asset-classes Multi-party negotiation dynamics playbooks NAIC designations and regulatory framework capital-sources NAIC filing and designation deep dive legal Portfolio valuation accounting-valuation Private placement / bespoke structures structures Rated note feeders structures Rating agencies counterparties Rating agency engagement for funds playbooks Re-performing loans (RPL) asset-classes Regulatory and compliance legal Repackaging structures structures Secondary market and liquidity market-landscape Sourcing capital for ABF funds playbooks Sourcing capital for your portfolio playbooks Structuring deals for investor appeal playbooks Term securitization (ABS/MBS) structures The ABF ecosystem (players, roles, and how they interact) foundations Understanding ABF LPs playbooks What capital providers care about playbooks