#1
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FHLBI
Our company is considering membership in the FHLBI. Would assets pledged as collateral if we were to take a loan be admitted or non-admitted. After reviewing SSAP 21R we believe they would be admitted but want to ensure we are not missing anything on restricted assets.
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#2
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FHLBI
Kyle,
SSAP 21R is the correct place to start but be aware of the impairment rules and non-admission rules for Collateral Loans ( see SSAP 21R paragraph 4a and 4b) Also note see the footnote in SSAP21R which will take you to another SSAP ( i.e SSAP26R). So based on the few facts you gave me the assets should admissible but please be aware of the impairment and nonadmission guidance cited in SSAP21R. Also, I would advise you reviewing the tabular disclosure requirements and NAIC instructions for Note 5L - Restricted Assets - specifically Note 5L subsection l which calls for Restricted Assets pledged as collateral to FHLB Please review Note 5L and the subcategories and instructions Regards, Glenn S Sackett
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Glenn Sackett Booke Seminars Life Instructor |
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