Securities Valuation Office (SVO)
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Frequently Asked Questions

For basic consumer questions: contact your state department of insurance for information about a particular insurance company. Click here for links to all state insurance department web sites.

Filing Exempt (FE) Securities [PDF]

Non-SVO Questions
For AVS related issues please call 816-783-8707.
For SVO questions not addressed in this FAQ, please email us at svoinquirydesk@naic.org.

General Filing Questions

Inquiry Service/Web Site/ CD-ROM

Annual Statement Schedule D

Sovereign and Supranational Bonds

Government Securities, Mutual and Money Market Funds

 

I am a new filer and was wondering if there is any literature about getting started.
A comprehensive set of instructions for new filers is available. You should also obtain a copy of the How To Comply and the Purposes and Procedures Manual of the NAIC Securities Valuation Office from the NAIC Store.

How do I get a CUSIP number assigned to a security?
Information about requesting a CUSIP for a new issue can be obtained from the CUSIP Service Bureau. You may also refer to Part Four, Section 1(f) of the Purposesand Procedures Manual of the NAIC Securities Valuation Office for instructions on how to obtain a CUSIP number.

Can multiple CUSIPs for the same issuer be listed on one initial filing form?
For municipal securities it is acceptable to submit one package of documents and one ATF for issues in the same series with different maturities. You will need to list the individual additional CUSIPs in the appropriate section. For structured and corporate securities it is again acceptable to submit one package of documents, however each individual issue for the same issuer must have its own ATF.

I am trying to create an ATF and I get a message telling me that the CUSIP is invalid. However, I checked with CUSIP and have been assured that the CUSIP is valid. What should I do?
The CUSIP Bureau may have inadvertently failed to add the CUSIP to the SVO's daily feed. Contact CUSIP at (212) 438-6564 and ask that they make sure the security is added to the feed.

I created an ATF but was unable to print the hard copy to send to the SVO. How can I retrieve it?
Contact the NAIC Help Desk and give them the ATF number or the CUSIP of the security that you are trying to file, as well as your username. A help Desk Analyst will e-mail you a copy of the ATF. It is important that you contact the Help Desk in a timely manner, as they only keep ATFs on file for a few days before they are permanently deleted from the system. You can email the Help Desk or reach them by phone at (816) 783-8500.

If several insurance companies own the same security, who is responsible for reporting the security to the SVO?
The NAIC does not dictate which insurance company files the security with the SVO. Per Part Four, Section 1 (d) of the Purposes and Procedures Manual of the NAIC Securities Valuation Office, reporting is the responsibility of the company that has purchased the security. With respect to private placements, Section 1(d) provides that the insurance company that has the highest dollar investment in the security is generally responsible for filing the security. However, once one holder of the security has filed with the SVO, then it is not necessary for the other holders to submit additional filings, as the Designation and/or price for the security is valid for all holders.

Do Certificates of Deposit (CD's) need to be filed?
Statement of Statutory Accounting Principles No. 26 provides that CD's with more than one year to maturity (when issued) are bonds. When filed, the SVO will usually assign the credit quality of the issuing bank entity to the CD.

What should I do if I don't have a Public Offering Statement or a Private Placement Memorandum for a particular security?
You should complete a Valuation Information Memorandum (VIM) and submit it with a completed Initial Filing ATF.

If the ISIS Inquiry Service states that financial statements have already been received for an issuer, does the holder of a new issue need to submit an ATF?
An ATF must be submitted for every issue owned by an insurer. The "financial statements" message applies only to Annual Updates. If an insurer purchases a new issue of the issuer, they must submit an Initial Filing ATF with the appropriate documents for that security. Please refer to the Purposes and Procedures Manual of the NAIC Securities Valuation Office and How To Comply for more information on required documentation for specific security types. You can order copies from the NAIC Store.

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I filed a security with the SVO and I want to know if it was ever received.
Please refer to the free Inquiry Service to check the status of your submission. Should the analyst, to whom your filing is assigned, require additional information, he/she will either contact you or generate a Request for Information (InfoReq). Once the Request for Information is generated, any filer can access a list of the documents that the SVO is requesting via the Inquiry Service.

What does the message in ISIS Inquiry Service " Not Currently in SVO Database" mean?
The message “Not Currently in SVO Database" can indicate one of several situations. First, the message may be an indication that this particular issue has never been filed with the SVO and is not in the database. If, however, the screen displays an ATF number, submission date received, filing description and industry code, the message means that the particular CUSIP has been filed with the SVO and is in the process of being reviewed by the analyst. In some cases, filers call because they receive this message for issues that were on the database previously. If this is the case, the security may have been dropped from the database for one of several reasons:

  • When an issue matures it is dropped from the SVO database.

  • It is possible that the issue was renumbered. The record would then be located under the new CUSIP.

  • The issue may have been deleted during the “NR/UP” deletion process.

What does it mean when the ATF “disappears” from the Inquiry Service screen.
There are many reasons why an ATF may “disappear” from the Inquiry Service:

  • The security matured.

  • The original filer requested that the filing be deleted because the security has been sold.

  • A Request for Information (InfoReq) was sent out and complete information was not received by the SVO within 90 days.

  • The ATF was completed.

How can I access Designations for countries?
The SVO produces NAIC Designations for foreign countries solely as an internal analytical product to enable analysts to assign NAIC Designations to individual foreign bonds. However, in order to facilitate insurer compliance with Appendix A-001 of the NAIC Accounting Practices and Procedures Manual, the SVO has agreed to place its internal list of NAIC Designations for sovereigns on the NAIC web page. The list is made publicly available solely to permit insurers to make required disclosure of foreign investment exposure pursuant to Appendix A-001. The list is updated on the first business day of each month and can be accessed through the SVO website, in the Important Updates area. If you need historical sovereign designations, please contact Gary Mescher at the SVO.

How can I access historical NAIC Designations and/or prices for a security?
Historical information is available through a product called the Valuation of Securities. It comes in CD-ROM form and contains all securities in the database for a specific period. It is available for most years going back to 1980. All questions regarding purchasing these files and the associated fees should be directed to the NAIC Store.

How often is the pricing data updated on the AVS system?
Public prices are obtained through pricing feeds, which are received each month. Prices for private securities are updated when the SVO receives pricing information from the filer. Information displayed on AVS is current.

How often does the SVO update the securities listed on the quarterly CD?
The SVO updates its Designations when it receives and processes filings submitted by domestic insurers.

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I have a question about IMR/AVR
Please contact Dave Fleming via email or call (816) 783-8121.

I have a question relating to financial statement reporting.
Please visit the Financial Reporting Department’s website. There is a FAQ document posted to this website, which addresses common financial reporting questions. To contact the department directly, please contact the NAIC Annual Statement Preparation Help Line at (816) 783-8400.

When should I use the administrative symbol "Z"?
Please refer to Part 3 (Categories/Symbols), page 4 of the Purposes and Procedures Manual of the NAIC Securities Valuation Office. You should also be familiar with Special Reporting Instruction discussed in Part Four, Section 3 (c). The Special Reporting Instruction provides that an insurer who has reported a security as a “Z” for one year may not report it with a “Z” for a second year. Rather, the insurer must either file it with the SVO or obtain an NAIC 5* or 6* Designation.

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How do I file a sovereign bond if the sovereign issuer does not have an NRSRO rating?
According to Part Five of the Purposes and Procedure Manual of the NAIC Securities Valuation Office, insurance companies should not file sovereign bonds with the SVO if the issuer does not have a sovereign rating from an NRSRO unless the bond is guaranteed by an NRSRO-rated foreign government.

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Where can I find information about the eligibility of money  market funds for listing on the U.S. Direct Obligations/Full Faith and  Credit Exempt List or the Class 1 List?
Part 11 of the Purposes and Procedure Manual of the NAIC  Securities Valuation Office contains a detailed explanation 
of the criteria for eligibility. If you have any additional questions about these lists please contact Angela DeMarco at (212) 398-9000.

Where can I find information about the eligibility of bond mutual funds for listing on the Bond List? 
Part 11 of the Purposes and Procedure Manual of the NAIC Securities Valuation Office contains a detailed explanation 
of the criteria for eligibility. If you still have any questions about the Bond List, please call Angela DeMarco at (212) 398-9000.

Where can I find information about filing exemptions for U.S. government securities?
Please click here to view the new language on government securities adopted by the Valuation of Securities Task Force in March 2003. If, after reviewing the document, you have any further questions, please contact Gary Mescher or Jim Mitchell at (212) 398-9000.

How do I report United States Government Securities in light of the recent FE changes?
United States Government Securities do not come under the new Filing Exempt (FE) rules. The procedure for handling these securities is found in two sections of the Purposes and Procedures Manual of the NAIC SVO. The first Section is Part Four, Section 2, (b). This section addresses the Filing Exemption based on the US Government Study. The second section is Part Five, Section 3, (e). This section addresses the reporting of these securities on Schedule D.

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