Disclosure of Subprime Mortgage Exposure

Dec 12th, 07
Insurers must disclose specific items

The NAIC’s Statutory Accounting Practices Working Group acted at the quarterly meeting in Houston to require certain disclosures related to an insurer’s exposure to subprime mortgages.  While the industry overall exposure is not that great, the NAIC nonetheless will require disclosure of:

-        Direct exposure amounts

-        Indirect exposure

-        Underwriting exposure

-        Criteria for determining exposure