Securities Valuation Office

The NAIC's Securities Valuation Office (SVO), one of the three groups within the Capital Markets & Investment Analysis Office, is responsible for the day-to-day credit quality assessment of securities owned by state regulated insurance companies. Insurance companies report ownership of securities to the Capital Markets and Investment Analysis Office when such securities are eligible for filing on Schedule D, DA or BA of the NAIC Financial Statement Blank.


Regulatory Treatment Analysis Service (RTAS)

The RTAS process permits insurance companies and other persons to ascertain the analytical position the SVO would take (or the recommendations it would make to regulators) with respect to credit, and other investment risks embedded in a security and the related regulatory accounting and reporting treatment.

For more information, contact the SVO directly at or 212-398-9000

Regulatory Treatment Analysis Service (RTAS) Application

AVS+ logo

Automated Valuation Service is the NAIC's Valuation of Securities database containing more than 250,000 securities from over 40,000 issuers is available through AVS+.

The VISION system is a valuation of securities online application

Purposes and Procedures Manual (P&P Manual)

This publication is the primary source for insurers to comply with the NAIC's reporting requirements. Contains the NAIC's credit assessment methodologies and valuation policies, and takes precedence over other publications covering a number of categories.

Structured Securities Group (SSG)

Residential Mortgage Backed Securities (RMBS) and Commercial Mortgage Backed Securities (CMBS) owned by state regulated insurance companies subject to Statement of Statutory Accounting Principles No. 43 Revised - Loan-Backed and Structured Securities.

Structured Securites Group homepage

Structured Securities reporting interface



The VISION system is a valuation of securities Online application critical to state insurance regulators, NAIC staff and insurance companies. VISION is an automated platform that will enable the industry to file their security investments to NAIC staff who will analytically assess credit quality of these securities. The companies will retrieve the NAIC Designations and Unit Prices from the NAIC staff and incorporate them into their regulatory financial filings, so that regulators can review the insurer's portfolio as a part of the financial examination process.

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General Information

User Documentation

Online Demos

Not Designated (ND)

ND Listings Without ATF Check: The listings below represent securities currently assigned ND within the VOS database as of the date on the link. All VOS securities assigned ND will be purged from the VOS database on the evening of March 31, 2020 unless an Annual Update has been submitted within the VISION system.

Applications and Forms



The NAIC's Valuation of Securities database contains more than 250,000 securities from over 40,000 issuers. This wealth of information is at your fingertips with a subscription to the Automated Valuation Service (AVS). AVS is the fastest and most efficient way to obtain crucial information about the securities in your portfolio. Whether you need it for a single security or your entire portfolio, our web-based application gives you the NAIC designation and review date, pricing, SIC code, SVO group code, and market indicator.

AVS users download valuation reports as early as the second business day of the new quarter. AVS users also receive unlimited Help Desk support, access to important information via the AVS Bulletin Board, and prompt, friendly service from the Insurance Data Products team.

Your unlimited access includes:

  • Unlimited Searches
  • Unlimited Valuation Files
  • You can order more than one kind of valuation, and VOS & FE can be broken out into two files.
  • Plus, order monthly valuations rather than just quarterly.
  • Unlimited Securities in a Portfolio
  • Upload a full replacement file as needed

AVS Notification Service
Our customizable Alert Service will send you a daily e-mail notifying you of changes to only the securities in your portfolio, or to any security in the database. You choose the amount of information you want. Once you receive the e-mail, log in to your AVS account and see the changes immediately.




AVS+ Home Page

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Need Help?

For technical issues with VISION or AVS+ please contact

AVS+ Documents

SVO Verification Activities

Qualified U.S. Financial Institutions ("QUSFI") 

Financial Institutions interested in applying should click on the link below for the application form or contact the SVO directly at or 212-398-9000 for further information.

NRSRO List to Administer QUSFI List - List of Nationally Recognized Statistical Rating Organizations and Methodology and Criteria Used to Monitor Institutions on the NAIC List of Qualified U.S. Financial Institutions.


Frequently Asked Questions

For basic consumer questions: contact your state department of insurance for information about a particular insurance company.


General Filing Questions

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I am a new filer and was wondering if there is any literature about getting started.

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How do I get a CUSIP number assigned to a security?

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Can multiple CUSIPs for the same issuer be listed on one initial filing form?

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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?

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If several insurance companies own the same security, who is responsible for reporting the security to the SVO?

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Do Certificates of Deposit (CD's) need to be filed?

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How can I access Designations for countries?

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How often is the pricing data updated on the AVS system?

Annual Statement Schedule D

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I have a question relating to financial statement reporting.

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When should I use the administrative symbol "Z"?

Sovereign and Supranational Bonds

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How do I file a sovereign bond if the sovereign issuer does not have an NRSRO rating?

Government Securities, Mutual and Money Market Funds

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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?

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Where can I find information about the eligibility of bond mutual funds for listing on the Bond List?

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How do I report United States Government Securities in light of the recent FE changes?





Need Help with...?


AVS+ –


Mutual Funds –

Structured Securities Group (SSG) –

Regulatory Treatment Analysis Service – Linda Phelps at

General questions related to the SVO –

General questions related to the NAIC –

For Other Issues...

For specific issues or concerns about the SVO's policies or staff please contact:

Charles A. Therriault, Director -

Peter Kelly, Manager – Credit Analysis,

Linda Phelps, Manager – Credit Analysis,

Analyst Contact Information

For Business Technology Issues…

Alexei Tikhomirov, Business Analyst Supervisor – Business Analysis,

General Information and Links