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As we look forward to the New Year with hope and
anticipation, we look back on 2008 as a year of
financial turmoil, historic in its breadth and scope.
The repercussions to savings, investments, businesses
and financial institutions have been dramatic.
Even though governments around the world have taken
measures to stabilize banking and insurance companies,
the financial ratings of some insurers may be negatively
impacted, primarily as a result of losses in their
investment portfolios.
NIA will report to you any
insurers on your program that no longer meet our
accepted security rating. We urge you to contact
us to fully discuss any specific questions or concerns
you may have regarding your insurance program.
We continue in our commitment to provide you with
products from financially sound insurance companies.
Attached is a brief summary of the measures we take to
review the financial security of the insurance companies
that write your policies. Information is included
on A.M. Best Company, our primary security rating
source, and the internal policies and standard that we
have established to address this important issue for our
clients. We will send you a current A.M. Best
rating summary for any insurance company on request.
Best wishes for a healthy, happy and prosperous New
Year and thank you for your continued trust and
confidence in NIA.
Very truly yours,
Steve Grossberg
President
Click here to view
information on A.M. Best Company and NIA's internal
policy and standard to address this important issue. |
