| Q&A for Filers Compiled from NASVA members over the last few years |
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Please use these convenient bookmarks to choose a topic: Filing | RSAT | Schedule BA | Filing Exemption AVS/ISIS System | Annual/Qtrly Statement Reporting | Pricing | Billing | Miscellaneous |
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Section 5: AVS/ ISIS System Q & AQ: Is the AVS charge based on a per minute connectivity basis or a per security look up basis? A: It is based on a per-minute charge for the time a customer is on the Search Maintain Portfolio link.Back to top Q: Please explain how the Issuer name and Issue Description are populated on ATF forms. A: This information is included on a feed from S&P CUSIP. The data is stored in ISIS and retrieved as needed to populate the ATF forms.Back to top Q: Is it possible for the SVO analyst to extend the 90 day response period on an Info Req if the materials would not be available in the 90 day time period? A: A list of all ATFs that have reached the end fo their retention period and will, therefore, be deleted is posted on the SVO web site two weeks prior to the deletion process. Filers have ample opportunity to access the list, contact the analyst and provide the SVO with the information needed to complete the ATF package. Analysts do not have the option of extending the life of an Info Req ATF. However, in exceptional cases, a the request of the filer an analyst may retain the originally submitted material for a specific period of time after the ATF has been deleted so that the filer needs to submit only the missing information with the new ATF.Back to top Q: Can the SVO post via their bulletin board when asset types are changed from bond to preferred/common stock or vice versa in all cases (not specifically hybrids)? If not, why not? A: This is not a simple task to accomplish within AVS or systematically on the SVO’s end. It would require comparing historical databases which is extremely dynamic.Back to top Q: There is a big push for industry to get financial information out faster in order to meet new SEC reporting deadlines. Can the NAIC release the month-end valuation files any earlier then 8:00 a.m.? Is it possible to release them on the 2nd business day instead of the 3rd business day so as to make their timing agree to that of the quarter end downloads? A: This is a joint effort between KC and NY whereby (1) KC runs certain processes, (2) the SVO approves the output and (3) KC then runs the AVS files that are releases. The SVO approval takes the same amount of time (1day) for both quarter end and month end. We are currently reviewing the requested change for month end processing to start on the last business day of the month. This issue is currently under review and requires input from the SVO, the SVO Technical Team and Accounting. In the end, we believe the timeframes for monthly and quarterly files are the same, but with capability and approval, we may be able to release sooner.Back to top Q: Is it possible to make the security description (name of security) appear on the Inquiry Service Screen? A: This enhancement should be submitted to the SVO where it will be prioritized along with other ISIS enhancements. We will include this on our list of enhancements for consideration in upcoming releases.Back to top Q: What is Online Incomplete Processing and why are companies charged for it on their AVS invoices? How can it be prevented? A: This charge is the result of users not logging out of the system correctly. With non-usage, the system remains active for a period of 15 minutes, and then automatically logs the user out. There is a maximum charge of 5 minutes each time this happens, and that charge is reflected on the invoice as Online Incomplete Processing. To log off correctly, click the Logout link in the blue menu bar. Another screen will appear to verify your request to log out. Next click the yellow “logout” button to complete the process. This procedure is explained on page 24 of the AVS Users Guide, which is sent to all new customers and is also posted at http://www.naic.org/svo_avs_isis.htm).Back to top Q: Please explain which identifiers can and cannot be used with the NAIC’s systems. For example, domestic issues use CUSIP or PPN while foreign issues use CINS. Does the SVO foresee moving to identifiers that are more in tune with the market place (SEDOL, COMMON or ISIN)? How does the NAIC determine/select which types of identifiers can be used? A: The SVO uses CUSIP/PPN/CINS as the exclusive identifier. The CUSIP/PPN/CINS values within our S&P CUSIP feed serve as the common identifier within the FE process. Our system is not currently geared to decode ISINs or any other identifier beside CUSIP/PPN/CINS within the CUSIP feed. Insurers can inform the S&P CUSIP Bureau to insert missing CUSIP values, if available.Back to top Q: Are there any plans to begin accepting LSTA (Loan Syndication and Trading Association) numbers for bank loan transactions? A: Not at this time.Back to top Q: Can the NAIC’s systems be expanded to contain CUSIP numbers for the SVO approved Money Market Funds as well as the exempt US Government securities? This would greatly improve the accuracy of the Jumpstart reports and the efficiency of the examination process. A: There are no plans to expand our system to include CUSIP numbers for money market funds. As for the US Government Exempt securities once we establish a process with FRS, these securities will accurately appear within Jumpstart and improve the overall efficiency of the examination process.Back to top Q: When is the next ISIS enhancement scheduled to be released? What will be included? A: The following enhancements to the ISIS system will be available in production on Friday 2/23/2007. Please distribute to your membership.
Q: How does the ISIS system link guarantors to specific issues? Does it use the Issuer ID? If so, what if a guarantor has more than one Issuer ID? Which one does ISIS select? A: SVO Analysts link guarantor to VOS issues by assigning a 6 digit Issuer Number of the particular Guarantor (Issuer). Since a given issuer can contain multiple issuer numbers, the ISIS system was adjusted last year to utilize the full Guarantor Name (Issuer Name) for billing purposes.Back to top Q: How is “issuer” defined/determined in VOS? A: All issuer/issue information in VOS comes directly from the S&P CUSIP feed. The SVO analytical staff cannot modify this data in any way.Back to top Q: Industry has reported problems over the past year with the lack of coverage at the AVS Help Desk during quarter-ends. Who is responsible for answering questions during this period and who should industry contact? Is there a back-up contact? A: We are unaware of any particular response issues experienced by industry users during quarter end periods. Because we only have 2 AVS administrators, it is recommended that inquires be sent to the avsisis@naic.org distribution list. This will ensure that both administrators have access to the inquiry. It's important to note that the AVS Administrators are available during normal business hours, which are 8:30am to 5:00pm CST, Monday through Friday. Any inquires that come in outside of normal business hours will be responded to as quickly as possible during the previously noted hours. Currently, we do post both month-end and quarter-end schedules on the AVS bulletin board. In addition, beginning with the September quarter end, we will post AVS FAQ's which should answer many of the most commonly asked questions.Back to top Q: When a filer responds to an INFOREQ, the ATF# appears in Inquiry Service but the response date does not. Does the NAIC have any plans to correct this problem? A: Based on the Inquiry Service's current setup, the InfoReq Response Dates for requested items are not predicated by a filer's response, but internally by the SVO analyst. The response date will only populate when an SVO analyst internally marks at least one requested item as received but the Info Request will still contain other outstanding requested items. It can be confusing at times but the system is functioning properly.Back to top Q: Would it be possible to post a list of completed (reviewed) securities to the bulletin board or the SVO website on a monthly basis so that all market participants are aware of the SVO’s actions? A: Not at this time.Back to top Q: Why is it that sometimes the Inquiry Service screen identifies a CINS/ CUSIP/ PPN as being invalid when it is contained on the S&P’s CUSIP or ISID Plus database? The identifier is obviously valid so why can’t you file an ATF using the number? A: The only time a CUSIP will trigger the “Invalid CUSIP” message in Inquiry is when that CUSIP is not on the S&P CUSIP daily feed. The filer should confirm with the S&P CUSIP Bureau that the CUSIP is valid and then request that they add it to the CUSIP’s feed to the SVO.Back to top
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