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English to Portuguese translations [PRO]
Bus/Financial - Insurance / General | | English term or phrase: surplus note | | É um tipo de título, obrigação, mas não sei como seria o correspondente em português. |
| Marcio TondinKudoZ activityQuestions: 29 (none open) ( 1 closed without grading) Answers: 8
Brazil
| | Local time: 12:19
|
| | debênture/obrigação sem garantia específica | Explanation:
Surplus note is a bond-like instrument [semelhantes a título de dívida]issued by an insurance company[seguradora]. These securities [=valores mobiliários/tít. de crédito]] are subordinated obligations [dívida subordinada], and fall at the very bottom of the operating insurance company's capital structure. They are issued primarily by mutual insurance companies (cooperativa de seguros), which are not public and owned instead by their policy holders. Surplus notes are debt-like in that they pay a coupon and have a finite maturity. However, in many cases, state insurance regulators have allowed insurance companies to classify the capital raised via surplus notes as “surplus” (which is the statutory equivalent of equity[=patrimônio líquido]), because surplus note holders are last in line to make a claim on the company's assets in a default scenario, much like where equity holders reside in a public company. The motivation for mutual companies to issue these instruments was to raise surplus (or equity [capital]) in response to new risk-based capital guidelines developed in the early 1990s. Because mutual companies are owned by policyholders, not shareholders [acionistas], there was no alternative method to raise surplus or equity. While surplus note holders have last claim on the assets of the operating insurance company, it is important to realize that this claim is at the operating company level, which is still ahead of holding company obligations.
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Note added at 3 hrs (2009-01-22 21:12:52 GMT)
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Two structures for Triple-X securitization have been deployed to date: the surplus note structure and the secured note structure.
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Note added at 4 hrs (2009-01-22 21:22:22 GMT)
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What Does Securitization Mean?
The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. The process can encompass any type of financial asset and promotes liquidity in the marketplace.
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Note added at 4 hrs (2009-01-22 21:25:12 GMT)
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note=Bond with a maturity period of five years or less
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Note added at 18 hrs (2009-01-23 11:51:51 GMT)
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A garantia desse título é o patrimônio liquido (equity), ou seja, se der lucro, ótimo; se der preju, nosso amigo se dá mal... |
| Selected response from:
marco lessa
Brazil
Local time: 12:19
| Grading comment | 4 KudoZ points were awarded for this answer |
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| Discussion entries: 0 |
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Automatic update in 00:
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3 hrs confidence:   peer agreement (net): +4 debênture/obrigação sem garantia específica
Explanation:
Surplus note is a bond-like instrument [semelhantes a título de dívida]issued by an insurance company[seguradora]. These securities [=valores mobiliários/tít. de crédito]] are subordinated obligations [dívida subordinada], and fall at the very bottom of the operating insurance company's capital structure. They are issued primarily by mutual insurance companies (cooperativa de seguros), which are not public and owned instead by their policy holders. Surplus notes are debt-like in that they pay a coupon and have a finite maturity. However, in many cases, state insurance regulators have allowed insurance companies to classify the capital raised via surplus notes as “surplus” (which is the statutory equivalent of equity[=patrimônio líquido]), because surplus note holders are last in line to make a claim on the company's assets in a default scenario, much like where equity holders reside in a public company. The motivation for mutual companies to issue these instruments was to raise surplus (or equity [capital]) in response to new risk-based capital guidelines developed in the early 1990s. Because mutual companies are owned by policyholders, not shareholders [acionistas], there was no alternative method to raise surplus or equity. While surplus note holders have last claim on the assets of the operating insurance company, it is important to realize that this claim is at the operating company level, which is still ahead of holding company obligations.
--------------------------------------------------
Note added at 3 hrs (2009-01-22 21:12:52 GMT)
--------------------------------------------------
Two structures for Triple-X securitization have been deployed to date: the surplus note structure and the secured note structure.
--------------------------------------------------
Note added at 4 hrs (2009-01-22 21:22:22 GMT)
--------------------------------------------------
What Does Securitization Mean?
The process through which an issuer creates a financial instrument by combining other financial assets and then marketing different tiers of the repackaged instruments to investors. The process can encompass any type of financial asset and promotes liquidity in the marketplace.
--------------------------------------------------
Note added at 4 hrs (2009-01-22 21:25:12 GMT)
--------------------------------------------------
note=Bond with a maturity period of five years or less
--------------------------------------------------
Note added at 18 hrs (2009-01-23 11:51:51 GMT)
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A garantia desse título é o patrimônio liquido (equity), ou seja, se der lucro, ótimo; se der preju, nosso amigo se dá mal...
| marco lessa
Brazil
Local time: 12:19
Works in field
Native speaker of:  Portuguese
PRO pts in category: 30
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The translation workplace 
