Securities Valuation Office
The ²»Á¼Ñо¿Ëù¹Ù·½'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 ²»Á¼Ñо¿Ëù¹Ù·½ Financial Statement Blank.
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 atÌýSVOInquiryDesk@naic.orgÌý´Ç°ùÌý212-398-9000
Automated Valuation Service is the ²»Á¼Ñо¿Ëù¹Ù·½'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 ²»Á¼Ñо¿Ëù¹Ù·½'s reporting requirements. Contains the ²»Á¼Ñо¿Ëù¹Ù·½'s credit assessment methodologies and valuation policies, and takes precedence over other publications covering a number of categories.
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.
The VISION system is a valuation of securities Online application critical to state insurance regulators, ²»Á¼Ñо¿Ëù¹Ù·½ staff and insurance companies. VISION is an automated platform that will enable the industry to file their security investments to ²»Á¼Ñо¿Ëù¹Ù·½ staff who will analytically assess credit quality of these securities. The companies will retrieve the ²»Á¼Ñо¿Ëù¹Ù·½ Designations and Unit Prices from the ²»Á¼Ñо¿Ëù¹Ù·½ 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
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User Documentation
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Online Demos
VISION Demo for Insurers and TPAs
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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
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The ²»Á¼Ñо¿Ëù¹Ù·½'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 ²»Á¼Ñо¿Ëù¹Ù·½ 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 Insurer Look-Up Service - discontinued
The AVS+ Insurer Look-Up Service has been discontinued. Current 2021 licensees may continue to receive individual securities up to a maximum of 50 securities through December 31, 2021.
In 2022, pending membership approval of the 2022 budget, a new entry-level tier of $500 will be available to customers with Schedule D securities valued at $5 million or less.
Optional Companion Products
This publication is the primary source for insurers to comply with the ²»Á¼Ñо¿Ëù¹Ù·½'s reporting requirements. Contains the ²»Á¼Ñо¿Ëù¹Ù·½'s credit assessment methodologies and valuation policies, and takes precedence over other publications covering a number of categories. Subscription includes periodic e-mail alerts directly from the Capital Markets & Investment Analysis Office. Updated biannually.
For more information on companion products, such as the 2020 Purposes and Procedures Manual, please contact a Business Specialist in the Publications Department at prodserv@naic.org.
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Need Help?
For technical issues with VISION or AVS+ please contactÌýSecuritiesSupport@naic.org
AVS+ Documents
Online Demos
AVS AGREEMENTS
The following agreements have been approved for the:
2025 subscription period:
2024 subscription period:
AVS Fee Schedule – Subscription runs Jan 1 – Dec 31 Annually
Qualified U.S. Financial Institutions ("QUSFI")Ìý
- Ìý- is a list issuers of letters of credit that can be used as collateral in reinsurance arrangements.
- Frequently Asked Questions about the Application Process for the Qualified U.S. Financial Institutions List
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- Qualified U.S. Financial Institutions (QUSFI) - Application Agreement
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Financial Institutions interested in applying should click on the link below for the application form or contact the SVO directly atÌýSVOInquiry-FI@naic.orgÌýor 212-398-9000 for further information.
Valid Designation, Administrative Symbol and Market Indicator Combinations
- 2020 Quarterly Reporting
- 2020 Annual Reporting
- 2021 Quarterly Reporting
- 2021 Annual Reporting
- 2022 Quarterly Reporting
- 2023ÌýQuarterly Reporting
- 2023 AnnualÌýReporting
Use of ²»Á¼Ñо¿Ëù¹Ù·½ Designation Equivalent of NRSRO Sovereign Ratings to Comply with the Disclosure Requirement of Appendix A-001. [.xlsx]
For basic consumer questions: contact your state department of insurance for information about a particular insurance company.
General Filing Questions
A comprehensive set of instructions for new filers is available. You should also obtain a copy of the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office from the ²»Á¼Ñо¿Ëù¹Ù·½ Products & Services website.
Information about requesting a CUSIP for a new issue can be obtained from the . You may also refer to Part Two, Section 2(f) of the Purposesand Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office for instructions on how to obtain a CUSIP number.
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.
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.
The ²»Á¼Ñо¿Ëù¹Ù·½ does not dictate which insurance company files the security with the SVO. Per Part Two, Section 2(d) of the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office, reporting is the responsibility of the company that has purchased the security. With respect to private placements, Section 2(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.
Statement of Statutory Accounting Principles No. 26 provides that CD's with more than one year to maturity (when issued) are similar to bonds. When filed, the SVO will usually assign the credit quality of the issuing bank entity to the CD.
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 "ND" deletion process.
The SVO produces ²»Á¼Ñо¿Ëù¹Ù·½ Designations for foreign countries solely as an internal analytical product to enable analysts to assign ²»Á¼Ñо¿Ëù¹Ù·½ Designations to individual foreign bonds. However, in order to facilitate insurer compliance with Appendix A-001 of the ²»Á¼Ñо¿Ëù¹Ù·½ Accounting Practices and Procedures Manual, the SVO has agreed to place its internal list of ²»Á¼Ñо¿Ëù¹Ù·½ Designations for sovereigns on the ²»Á¼Ñо¿Ëù¹Ù·½ 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 refer to the following link on the ²»Á¼Ñо¿Ëù¹Ù·½ website: /securities-valuation-office.
Public bond prices are obtained through pricing feeds, which are received each month. Public bond pricing excludes debt issues that are non-U.S. denominated, convertible, or which have PIK features. Information displayed on AVS is current.
Annual Statement Schedule D
Please visit the Financial Reporting Department's website. There is a FAQ document posted to this website, which addresses common financial reporting questions. For information about this topic, please contact the ²»Á¼Ñо¿Ëù¹Ù·½ help desk at Help@²»Á¼Ñо¿Ëù¹Ù·½.org
Please refer to Part 1 Section 3, page 28 of the Purposes and Procedures Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office. You should also be familiar with Special Reporting Instruction discussed in Part 3, Section 1, page 96. 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 self-designate as an ²»Á¼Ñо¿Ëù¹Ù·½ 5* or 6*.
Sovereign and Supranational Bonds
According to Part Three of the Purposes and Procedure Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ 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.
Government Securities, Mutual and Money Market Funds
Part 6 of the Purposes and Procedure Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office contains a detailed explanation of the criteria for eligibility. If you have any additional questions about these lists please contact the SVO by email at to SVOInquiry-MF@²»Á¼Ñо¿Ëù¹Ù·½.org.
Part 6 of the Purposes and Procedure Manual of the ²»Á¼Ñо¿Ëù¹Ù·½ Securities Valuation Office contains a detailed explanation of the criteria for eligibility. If you have any additional questions about these lists please contact the SVO by email at SVOInquiry-MF@²»Á¼Ñо¿Ëù¹Ù·½.org.
United States Government Securities do not come under the new Filing Exempt (FE) rules. The procedure for handling these securities is found under Part Two Section 4(c).
Need Help with...?
(login with your VISION or AVS+ ID to create a help request)
VISION –ÌýSecuritiesSupport@naic.org
AVS+ –ÌýSecuritiesSupport@naic.org
QUSFI –ÌýSVOInquiry-FI@naic.org
Mutual Funds –ÌýSVOInquiry-MF@naic.org
Structured Securities Group (SSG) –ÌýSSGInquiryDesk@naic.org
Regulatory Treatment Analysis Service – Linda Phelps atÌýLIPhelps@naic.org
General questions related to the SVO –ÌýSVOInquiryDesk@naic.org
212-398-9000
General questions related to the ²»Á¼Ñо¿Ëù¹Ù·½ –Ìýhelp@naic.org
816-783-8500
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For Other Issues...
For specific issues or concerns about the SVO's policies or staff please contact:
Charles A. Therriault, Director -ÌýCTherriault@²»Á¼Ñо¿Ëù¹Ù·½.org
Peter Kelly, Manager – Credit Analysis,Ìýpkelly1@naic.org
Linda Phelps, Manager – Credit Analysis,ÌýLIPhelps@naic.org
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SVO Analyst Contact Information
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For Business Technology Issues…
Alexei Tikhomirov, Business Analyst Supervisor – Business Analysis,ÌýATikhomirov@naic.org
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General Information and Links
Valuation of Securities (E) Task ForceÌý(VOS/TF)
Financial Condition (E) Committee
Adopted Interim Changes to theÌýPurposes & Procedures Manual of the Investment Analysis Office