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Page last updated: 11/26/2025

This website is your source for information on annual Structured Securities surveillance, including background information, updated project details as they become available, and how to file these securities in your Annual Statement filing.

Please note that the contents of this website are updated periodically to provide the most up-to-date information. Please check back regularly to ensure that you have the latest information.

Pricing: The 2025 Structured Securities modeled data price remains the same this year, CUSIPs held by insurers are $110 per CMBS CUSIP and $80 per RMBS CUSIP.

2025 Year End

Submitting a Request for Assignment of �Ӱ���Ƶ Designation to Debt Security Issued by an ABS Issuer, Pursuant to SSAP No. 21—Other Admitted Assets

When a reporting entity determine that a debt security issued by a CMBS/RMBS issuer is a non-bond debt security and is captured on Schedule BA within the reporting line specific for “Debt Securities That Lack Substantive Credit Enhancement” may file for an �Ӱ���Ƶ designation through VISION, pursuant to the policies in the Purposes and Procedures Manual of the �Ӱ���Ƶ Investment Analysis Office.

• The reporting entity must submit a Schedule BA filing via VISION - using the same procedure as SVO Schedule BA filings - to be considered for an �Ӱ���Ƶ designation assignment by the SVO.

  • Please submit your intention to file Schedule BA to ssginquirydesk@naic.org to ensure smooth filing process.

    In the email:

    • add Schedule BA Filing: MBS Issuer to the subject line and
    • provide the CUSIP(s) and security descriptions and type (CMBS/RMBS).

  • Then, submit the Schedule BA filing in VISION with:

    Filing Category of Schedule BA, Security Type of Debt-Like, and Issue Subtype of BA Asset

• A single designation category will be assigned to the security filled for Schedule BA reporting regardless of Legacy or Non-Legacy status. This designation can be downloaded as part of the valuation file, while any active records in AVS Structured Securities (AVS STS) are removed.
• Securities, issued without any credit enhancement within SASB CMBS structures, are no longer Designated in AVS (STS).

Click HERE to view a list of those SASB securities and other MBS that have been excluded from AVS (STS) with the “Out of Scope – Obligation Type” reason.

(Date Updated: not loaded yet)

NOTE: Obtaining an �Ӱ���Ƶ Designation does not change an investment’s applicable �Ӱ���Ƶ's Statements of Statutory Accounting Principles (SSAP), annual or quarterly statement reporting, or override other SSAP guidance required for the investment to be an admitted asset. In all cases where it is necessary for the reporting entity to understand statutory accounting guidance or concepts, please refer to the �Ӱ���Ƶ Accounting Practices and Procedures Manual. 

All residuals shall follow the accounting guidance in SSAP No. 21 and should be reported on Schedule BA - Other Long-Term Invested Assets, without an �Ӱ���Ƶ Designation and are ineligible to be assigned an �Ӱ���Ƶ 5GI or �Ӱ���Ƶ 6* Designation.

If you have any questions, please contact us at 816-783-8707 or ssginquirydesk@naic.org

September 26, 2025 - Third Party Administrators (TPA) setup for the 2025 Surveillance.

October 3, 2025 - Last day to order and purchase additional modeled results for last year's 2024 portfolio.

November 1, 2025 – Through-the-cycle Macroeconomic Scenarios and Probability Weightings for the Year-End Annual Surveillance of Insurer-Owned RMBS and CMBS will remain the same (through the cycle) and are posted on the Structured Securities Homepage

November 3, 2025 - Initial invoice notifications will be emailed to the designated contact. The amount of the invoice is based on the modeling eligibility status of Initial Securities^[1].

November 3, 2025 - Of the Initial Securities^[1], those RMBS/CMBS that are pending to be modeled (To-be-Modeled Securities) will be posted on the RMBS/CMBS Securities Listing webpage.

November 3 to 17, 2025 - Companies can submit Additional Securities^[2] to their portfolios to be considered for modeling and inclusion in the end of December file.

November 17, 2025 (11:59 p.m. CT) - Deadline for submitting Additional Securities^[2] to be considered for modeling and inclusion in the December file. Submissions received after this date (Addendum Additional Securities) will be considered for modeling and inclusion in the January addendum file.

November 3, 2025 to January 1, 2026 - Companies can challenge the modeling eligibility status in  under the "Searches > Structured Securities > Challenge STS Security".

Mid-December, 2025 - To-be-Modeled Securities list on RMBS/CMBS Securities Listing webpage updated with modeling eligibility status for Securities Requested for Consideration.

End of December, 2025 - Modeled results made available to users via  Structured Securities.

January 1, 2026 (11:59 p.m. CT) - Deadline for submitting Addendum Additional Securities and challenging the modeling eligibility status in  Structured Securities.

End of January, 2026 - Addendum file modeled results made available to users via  Structured Securities. 

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^[1] Initial Securities - RMBS/CMBS reported in the previous year's annual statement filing, adjusted for changes reported in the first quarter and second quarter of current year filings.

^[2] Additional Securities - RMBS/CMBS holdings of companies that were not captured in the Initial Securities list.