The Average Industry Experience Factor (AvIEF) to be used for the June 30, 2003 quarterly statement is 0.021 percent. The AvIEF is defined in the IMR/AVR section of the NAIC’s Annual Statement Instructions Life/Accident/Health for the 2003 reporting year. The IEF is an average of the mortgage data received at the NAIC for eight (8) previous quarters as follows:
2nd Quarter 2001 |
0.024% |
3rd Quarter 2001 |
0.022% |
4th Quarter 2001 |
0.026% |
1st Quarter 2002 |
0.020% |
2nd Quarter 2002 |
0.018% |
3rd Quarter 2002 |
0.017% |
4th Quarter 2002 |
0.023% |
1st Quarter 2003 |
0.019% |
Average IEF |
0.021% |
Individual companies should utilize information from the same quarters in calculating their average Company’s Experience Factor (AvCEF).
Contact Dan Swanson of the NAIC by phone at (816) 783 - 8412 or by e-mail at DSwanson@naic.org with any questions concerning this factor.
The industry experience factor is posted quarterly on the NAIC home page at the address of http://www.naic.org/svo/meacalc/index.htm . Or, go to the NAIC home page at http://www.naic.org and select "Divisions & Departments", "Securities Valuation Office (SVO)", "Filing Instructions and Forms" and then “Industry Experience Factor for Mortgages (IEF)”.