4 For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Investment Analysis Office. the€Purposes and Procedures Manual of the NAIC Investment Analysis Office€(P&P Manual). 2019-23BWG Modified. SVO-PAR The Securities Valuation Office produces a Portfolio Analysis for Regulators (SVO-PAR), which is a tool for state regulators to use in conducting financial examinations. Risk Based Capital Instructions. Annual Statement Instructions . The Accounting Manual is available for purchase directly from the NAIC and costs $500 for a paper copy or $465 for an electronic version via a USB drive. Appendix C brings together the site-specific instructions needed to abstract a case, facilitating efficiency and accuracy. 9:00am – 9:15am. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or DATE: September 10, 2020 1. 26R Accounting for Perpetual Bonds The Working Group is responsible for developing and adopting substantive, non-substantive and interpretation revisions to the NAIC Accounting Practices and Procedures Manual (AP&P Manual). The National Association of Insurance Commissioners (the NAIC) held its Fall 2019 National Meeting (Fall Meeting) in Austin, Texas, from December 7 to 10, 2019. Pg. Securities Valuation. This session addresses changes to the December 2019 NAIC Purposes and Procedures Manual of the NAIC Investment Analysis Office and other proposals that may be adopted for 2020 and 2021. Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) (Attachment ). Annual List of Amendments. The Bank List meets credit standards specified for a variety of NAIC-approved purposes. 6 Valuation of Securities Task Force (VOSTF) Dedicated to designations, valuations, and the Securities Valuations Office (SVO) filing process as outlined in the Purposes and Procedures (P&P) Manual of the NAIC Investment Analysis Office. At that meeting the Task Force exposed the IAO’s memorandum, dated February 27, 2020, summarizing these concerns. Updated: The purpose of this adoption is to data capture individually Separate Account with Guarantees products and Separate Account Nonguaranteed products. Our insurance industry Value Architects™ attended this virtual meeting to monitor regulatory updates. The meeting was originally scheduled to be held in Minneapolis, ... the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual), the requirement for . qualifications provided in the NAIC’s Market Regulation Manual, the NAIC’s Financial Condition Examiners Handbook, the NAIC’s Accounting Practices and Procedures Manual, Alabama Insurance Regulations 97 and 103, and Ala. Code §§ 27-2-10(c) and 27-2-13(a). Spring 2021: E Committee Technical Updates. The Fall Meeting was highlighted by the following activities. Effective 1st Quarter, 2020. Discuss revisions to the Purposes and Procedures Manual of the NAIC Investment Analysis Office; ... E.E. Share. By Michael Goni, CPA, CGMA, FLMI. 105R – Working Capital Finance Investments. With respect to private placements, Section 2(d) provides that the insurance company that has the highest dollar investment in the security … Ref #2019-38: Financing Derivatives Adopted revisions require gross reporting of derivative activity for financing derivative transactions. Purpose of This Practice Note The purpose of this practice note is to provide information that can be useful for appointed actuaries Proposal Content. You will learn about changes to the NAIC Accounting Practices and Procedures Manual and proposals under consideration. Bookmark File PDF Naic Accounting Practices And Procedures Manual Naic Accounting Practices And Procedures Manual If you ally infatuation such a referred naic accounting practices and procedures manual books that will find the money for you worth, get the extremely best seller from us currently from several preferred authors. As a result of the COVID-19 pandemic, the NAIC held the Summer Meeting in a virtual format, with conference calls taking place over a three-week period. the conclusion of the Fall 2020 National Meeting. 2020 Annual Statement Instructions for Tennessee County Mutual Insurers - 1 -Form IN 1947 (Rev 2020 001) RDA 2231 . December 31, 2020 and 2019. Eric Kolchinsky, Director, NAIC Structured Securities Group DATE: March 27, 2018 RE: Proposed Amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) – Join Instructions for Subsidiary Controlled & Affiliated (SCA) Investments in Part Three 1. These revisions are effective immediately. 8 Blanks (E) Working Group (BWG) Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) t o Add Additional Instructions to the Review of Funds Dec 20, 2020. As of March 2021, Accounting Practices and Procedures Manual On May 20, 2021 , the Statutory Accounting Principles (E) Working Group adopted the following revisions to the As of March 2021 Accounting Practices and Procedures Manual . On Wednesday, December 9, 2020, the NAIC Executive (EX) Committee and Plenary adopted the revisions to sunset AG 49 for new issues in order … Activities summarized below include both substantive ... referenced securities to the requirements within the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual). Part 2. The NAIC Statutory Accounting Principles Working Group (SAPWG) met on December 28, 2020, to formalize an E-vote adoption of INT 20-10 ... CTLs that do not qualify within the structural requirements of the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) are to be recorded as “nonconforming” CTLs. These differences can be due to rules “prescribed” by state law, or “permitted” ... See the Accounting Practices and Procedures Manual Update page (this requires a subscription and login to the NAIC AP&P Manual Updates). Pg. Direct Obligations/Full Faith and Credit Exempt List. 7 Risk-Based Capital Working Groups National Association of Insurance Commissioners Capital Markets & Investment Analysis Office One New York Plaza, Suite 4210 New York, NY 10004 via electronic submission: [email protected]naic.org and [email protected]naic.org RE: Proposed Amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office The National Association of Insurance Commissioners (NAIC) initially adopted the Valuation Manualon Dec. 2, 2012, with subsequent adoptions of amendments on June 18, 2015; Nov. 22, 2015; April 6, 2016; Aug. 29, 2016; Aug. 9, 2017; Aug. 7, 2018; and Sept. 10, 2018. © 2018 National Association of Insurance Commissioners ii Update to 2020 NAIC Accounting Practices and Procedures Manual. The 2020 NAIC annual statement blank, the 2021 quarterly statement blanks, the 2020 NAIC Pg. Consider Editorial Edits Updates to the Amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) to Include Instructions for Financial Modeled RMBS/CMBS Securities to Map NAIC Designations to NAIC Designations Categories: Developed by the Actuarial Memorandum Practice Note Work Group ... statement or view of the National Association of Insurance Commissioners (NAIC). Share. For year-end 2020 property/casualty (P/C) risk-based October 2020 . What inspires you, inspires us. Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) (Attachment ). For the valuation of assets, please refer to the NAIC Purposes and Procedures of the Securities Authored by Dan Buttke and Jeff Maffitt. Basis of asset valuation. 2:45pm – 3:00pm. Please refer to Part Three of the Purposes and Procedures Manual of the NAIC Investment Analysis Office for requirements relating to the U.S. December 18, 2019. 3:00pm – … Purposes and Procedures Manual of the NAIC Investment Analysis Office. Practices and Procedures (AP&P) Manual and related SSAPs. RE: Proposed Amendment to the . 9:15am – 10:30am. Purposes and Procedures Manual of the NAIC Investment Analysis Office NAIC Securities Valuation Office and NAIC Structured Securities Group Effective for Statements ending December 31, 2019 December 31, 2019 (volume/issue 19/01) NAIC SAPWG November 12, 2020, Fall Meeting Highlights – Non-substantive Adoptions. The National Association of Insurance Commissioners (NAIC) held its 2020 Summer National Meeting virtually from July 28 to August 14, 2020. NAIC staff is recommending the development of a Manual amendment, but regulators asked to have a regulators-only meeting scheduled to further their understanding of the matter. The Fall Meeting was highlighted by the following activities. On Feb 23, 2020, at 12:14 PM, Connie Jasper Woodroof <[email protected]> wrote: Principal Protected Notes proposal – The use of PPN to signify Principal Protected Notes is problematic. The National Association of Insurance Commissioners’ (NAIC) Accounting Practices and Procedures manual (NAIC … Purposes and Procedures Manual of the NAIC Investment Analysis Office NAIC Securities Valuation Office and NAIC Structured Securities Group Effective for Statements ending December 31, 201 2.1. Contains the NAIC's credit assessment methodologies and valuation policies and takes precedence over other SVO publications covering several categories. Summary. 37 clarify the requirements for participation loans. 6 Valuation of Securities Task Force (VOSTF) Dedicated to designations, valuations, and the Securities Valuations Office (SVO) filing process as outlined in the Purposes and Procedures (P&P) Manual of the NAIC Investment Analysis Office. Purposes and Procedures Manual of the NAIC Investment Analysis Office Purposes and Procedures Manual of the NAIC Investment Analysis Office NAIC Securities Valuation Office and NAIC Structured Securities Group Effective for Statements ending December 31, 2019 December 31, 2019 (volume/issue 19/01) Accounting & Reporting Life/Fraternal, Property, Health, Title ... Part 2, Section 2 (annual) and Schedules D, Parts 3 and 4 (quarterly). ... Practices and Procedures Manual (AP&P), and Statements of Statutory Accounting Principles Adopted nonsubstantive revisions to Statements of Standard Accounting Practice (SSAP) No. 2020-22 SSAP No. of the National Association of Insurance Commissioners (NAIC). Securities Valuation. The proposed revisions clarify that a participant’s financial rights may include the right to take legal action against the borrower (or participate in the determination of leg… Costs: Insurers will need to acquire the Accounting Manual as of March 2020 to comply with the amendment. These revisions are effective immediately. Field Size & Type 6 character field; Numeric Record Location 116-121 • The attached Lease is a Bond Lease as defined in Part Three of the Purposes and Procedures Manual of the NAIC Investment Analysis Office (the Purposes and Procedures Manual). accounting, as published in the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures Manual. Health. In addition, we will survey recent NAIC activities along with GAAP and IFRS developments specific to insurers. Bonds Lines 0199999 through 6599999 Please type or use ink in completing the Annual and Quarterly Statements. The PPN initialism is already used both in the Purposes and Procedures Manual of the NAIC … Exposed for a 4-day public comment period ending December 22, 2020. The Department believes that most insurers will purchase, It also modifies the reference to the Purposes and Procedures Manual of the NAIC Investment Analysis Office found in other investment instructions due to changes in the manual. 1 When the amendments become effective in 2021, … For the valuation of assets, please refer to the NAIC Purposes and Procedures of the Securities The meeting was originally scheduled to be held in Indianapolis, Indiana, but was changed to an all-virtual meeting due to … Don’t worry about it. The revision… The Task Force … 2019 NAIC Publications. Per Part Two, Section 2(d) of the Purposes and Procedures Manual of the NAIC Securities Valuation Office, reporting is the responsibility of the company that has purchased the security. The working group or task force responsible for each of these publications has Five deemed their 2018 changes as insignificant to the accreditation process. The Accounting Manual is available for purchase directly from the NAIC and costs $500 for a paper copy or $465 for an electronic version via a USB drive. 2019 NAIC Publications. On Feb 23, 2020, at 12:14 PM, Connie Jasper Woodroof <[email protected]> wrote: Principal Protected Notes proposal – The use of PPN to signify Principal Protected Notes is problematic. A listing of mutual funds that meet conditions in the Purposes and Procedures Manual of the NAIC, qualifying them for more favorable reserve treatment. RBC ... • On May 14, 2020, the VOSTF amended the P&P Manual to include a Summary. Direct Obligations/Full Faith and Credit Exempt List. I hereby confirm to the National Association of Insurance Commissioners (NAIC) and the chief insurance regulators of the 50 states, the District of Columbia and five U.S. territories the following: • An insurer which has its head office or is domiciled in [Jurisdiction] shall receive credit Break. Basis of asset valuation. Marc Perlman, Managing Investment Counsel, NAIC Securities Valuation Office (SVO) CC: Eric Kolchinsky, Director, NAIC Structured Securities Group(SSG) and Capital Markets Bureau . … For a discussion of these criteria, please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Securities Valuation Office. The current financial modeling process remains unaffected, however, the NAIC designations, as produced by the financial model (and as previously used for reporting), will now be mapped to a final NAIC designation category which reporting entities will then use for accounting and investment schedule reporting purposes. The AP&P Manual provides the basis for insurers to prepare financial statements for financial regulation purposes. A procedures manual is always evolving, just get started and refine as you go. The National Association of Insurance Commissioners (NAIC) held its 2020 Fall National Meeting virtually from December 3 to December 9, 2020. the conclusion of the Fall 2020 National Meeting. NAIC Property and Casualty Risk‐ Based Capital Newsle ©er August 2020 Volume 24.1 What RBC Pages Should Be Submitted? 4. It also modifies the reference to the Purposes and Procedures Manual of the NAIC Investment Analysis Office found in other investment instructions due to changes in the manual. Welcome and Introductory Comments. On Dec. 28, 2020, SAPWG adopted INT 20-10; the following summarizes the provisions: CTLs that qualify per the provisions of the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) are considered to be “conforming” CTLs and shall be reported on Schedule D-1 with the NAIC designation obtained from the SVO. If having difficulty accessing the above materials, please contact Max Simpkins, 317-232-2403. Regulatory Update: NAIC Fall 2019 National Meeting. The National Association of Insurance Commissioners (the NAIC) held its Fall 2019 National Meeting (Fall Meeting) in Austin, Texas, from December 7 to 10, 2019. The following summarizes certain activities of the Statutory Accounting Principles (E) Working Group (SAPWG) that took place since the NAIC Summer 2019 National Meeting through January 8, 2020. Procedure Use the format MMDDYY without punctuation. December 18, 2019. This it… Summary Future action will be taken on both issues. The Bank List publication is no longer produced, and was last published in August 2017. 1. Please refer to Part Three of the Purposes and Procedures Manual of the NAIC Investment Analysis Office for requirements relating to the U.S. Table of Contents. The Valuation of Securities (E) Task Force met on November 18, 2020, prior to the National Meeting. UNIFORM CLAIMS AND BILLING FORM REPORTING MANUAL November 2020 Page 11 of 182 Ambulatory/Outpatient UB-04 Data Reporting Field 3 Period Covered First Day Description The first day of the quarter from which the data is provided. List of Nationally Recognized Statistical Rating Organizations and Methodology and Criteria Used to Monitor Institutions on the NAIC List of Qualified U.S. Financial Institutions as specified in the Purposes and Procedures Manual of the NAIC Investment Analysis Office (As of December 31, 2020) The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. NAIC securities database. This report summarizes key activities of the National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles (E) Working Group (SAPWG) conference call on Dec. 18, 2020. The working group or task force responsible for each of these publications has Five deemed their 2018 changes as insignificant to the accreditation process. Events occurring subsequent to this publication of the practice note could make the practices described in this practice note irrelevant or obsolete. knowledge of NAIC policies contained in the Purposes and Procedures Office and the Accounting Practices & Procedures Manual of. National Association of Insurance Commissioners. 1. accounting, as published in the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures Manual. The Valuation Manual (VM) sets forth the minimum reserve and related requirements for jurisdictions where the Standard Valuation Law (#820), as amended by the National Association of Insurance Commissioners (NAIC) in 2009, or legislation including substantially similar terms and … During its meeting, the Task Force adopted a proposed amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Annual List of Amendments. ... (CMBS) to safeguard consistency with direction recently adopted in the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual). Life and Fraternal. continued their meetings working on substantive revisions to SSAP No. 1. On May 14, 2020, the Valuation of Securities (E) Task Force (VOS Task Force) of the National Association of Insurance Commissioners (NAIC) adopted amendments to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) that will significantly change the way insurers treat investments in “principal protected securities” (PPS) for risk-based capital (RBC) purposes. If having difficulty accessing the above materials, please contact Max Simpkins, 317-232-2403. Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) regarding a possible Valuation of Securities (E) Task Force directive to the SVO to rely on unrated subsidiaries in WCFI transactions. Purposes and Procedures Manual of the NAIC Investment Analysis Office(P&P Manual) to Incorporate Updates Made to SSAP No. The PPN initialism is already used both in the Purposes and Procedures Manual of the NAIC … The Department believes that most insurers will purchase, Accounting Practices and Procedures Manual (as of March 2021) Annual Statement Instructions (October 2020) Purposes and Procedures Manual of the NAIC Investment Analysis Office (December 2020), also referred to as the Valuation of Securities ; Financial Condition Examiner Handbook (2021), also referred to as the Examiner's Handbook • The attached Mortgage, Deed of Trust or similar document is valid and binding and creates a first lien on the real property described therein in favor of the title naic accounting practices and procedures manual 2016 author hershel hulda subject load naic accounting practices and procedures manual 2016 best in size 2349mb naic accounting practices and Sep 15, 2020 naic accounting practices and procedures apandp manual as of march 2009 3 volume set Posted By Anne GolonMedia Publishing The changes address a problem known to exist since the elimination of the modified filing exempt (MFE) process and was emphasized by pandemic economic circumstances. These revisions were prompted by the updated designation guidance from the Valuation of Securities Task Force. The National Association of Insurance Commissioners (NAIC) held its 2020 Summer National Meeting virtually from July 28 to August 14, 2020. The NAIC does not dictate which insurance company files the security with the SVO. The National Association of Insurance Commissioners (NAIC) recently held its Fall 2019 National Meeting (Fall Meeting). 2018 NAIC Publications. Purposes and Procedures Manual of the NAIC Investment Analysis Office NAIC Securities Valuation Office and NAIC Structured Securities Group Effective for Statements ending December 31, 2019 December 31, 2019 (volume/issue 19/01) On Wednesday, December 9, 2020, the NAIC Executive (EX) Committee and Plenary adopted the revisions to sunset AG 49 for new issues in order … Try this approach: tell your staff that you’re putting together a procedures manual, and how creating the manual will benefit everyone. Procedures (AP&P) Manual and related SSAPs. For a discussion of these criteria, please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Securities Valuation Office. 11/5/2020. Click here if you are interested for more information about purchasing the Purposes and Procedures Manual. Minimum reserve requirements are provided in this Valuation Manualfor contracts issued on or after the Valuation Manualoperative date of Jan. 1, 2017. Other requirements are applicable as provided pursuant to the Model #820 and this Valuation Manual. Background Regulatory Update: NAIC Fall 2019 National Meeting. Pg. [PDF] NAIC Money Market Mutual Fund List March 2020 The NAIC Designation Modifier should only be used for securities reported on the lines below if eligible to receive one, as defined in the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual), otherwise, the field should be left blank. The NAIC instructions for the 2009 Annual Statement specifically require the insurer to disclose whether the company followed accounting practices that differed from those in the NAIC’s Accounting Practices and Procedures Manual. Manual of the NAIC Investment Analysis Office (P&P Manual) that would allow the IAO staff to flag certain bespoke transactions and in turn create a process that would dissuade industry’s use of such transactionseither or limit the risk. Purposes and Procedures Manual of the NAIC Investment Analysis Office APP-OSS-2021, APP-PPM-2021, PPM-OSS-2020 This publication is the primary source for insurers to comply with the NAIC's reporting requirements. The National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles Working Group (SAPWG) met remotely on July 30, as part of the NAIC’s all-virtual 2020 Summer National Meeting. This session addresses the changes to the NAIC Accounting Practices and Procedures Manual (APPM) as of March 2021 specific to Life and A&H/Fraternal Benefit Society (Life) and Property & Casualty (P&C) Insurance Companies. This publication is the primary source for insurers to comply with the NAIC's reporting requirements. A financing derivative transaction is one in which the premium to acquire the derivative is paid throughout the derivative term or at maturity of the derivative. The 2020 NAIC annual statement blank, the 2021 quarterly statement blanks, the 2020 NAIC Ref #2020-24: Accounting and Reporting of Credit Tenant Loans During a spring conference call, the VOSTF sent a referral to the SAPWG to permit non-conforming CTLs that receive an NAIC designation from the SVO to be considered in scope of SSAP No 43R Loan-Backed and Structured Securities. The National Association of Insurance Commissioners (NAIC) held its Summer 2020 National Meeting (Summer Meeting) from July 27 to August 14, 2020. 2020 Investment Update. The NAIC Valuation of Securities (E) Task Force held a telephonic meeting on May 14, 2020, and adopted amendments to the NAIC Purposes and Procedures Manual that will significantly change the way insurers treat investments in "principal protected securities" ("PPS") for risk-based capital ("RBC") purposes. This was a standard meeting for the Task Force. 4. Responsiveness. On May 14, 2020, the Valuation of Securities (E) Task Force (VOS Task Force) of the National Association of Insurance Commissioners (NAIC) adopted amendments to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) that will significantly change the way insurers treat investments in "principal protected securities" (PPS) for risk-based capital (RBC) purposes… 105R Working Capital Finance Investments on May 20, 2020. Costs: Insurers will need to acquire the Accounting Manual as of March 2020 to comply with the amendment. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or The VOS Task Force adopted a proposed amendment to the Purposes and Procedures Manual (P&P Manual) of the NAIC Investment Analysis Office to … Consider Adoption of a Proposed Amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) to Map Short-term CRP ... New bond factors for 20 designations will be proposed once an impact analysis is done based on the 2020 year-end data. Summary –The IAO staff discussed with the Task Force at its May 14, 2020 meeting the IAO’s concerns with bespoke securities and the NAIC’s excessive reliance on credit rating provider (CRP) ratings to assess investment risk and for regulatory purposes. Purposes and Procedures Manual of the NAIC Investment Analysis Office. Summary – The Statutory Accounting Principles (E) Working Group adopted updates to SSAP No. Property & Casualty. General instructions in the main manual are applicable in the absence of site-specific instructions. DATE: October 16, 2020 (Updated June 14, 2021) 1. Ref #2020-18: SSAP No. DATE: January 27, 2020 RE: Updated - Proposed Amendment to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) to Update the Definition and Instructions for Principal Protected Notes 1. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC. Please type or use ink in completing the Annual and Quarterly Statements. The site-specific coding modules include SEER Coding Guidelines, Extent of Disease, and Surgery of Primary Site codes. Accounting Practices and Procedures Task Force – November 19, 2020. 43R Effective Annual 2020. 2020 NAIC Publications. ... the Purposes and Procedures Manual of the NAIC Investment Analysis Office (for investments in mutual funds). Activities summarized below include both substantive ... referenced securities to the requirements within the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual). The NAIC uses credit ratings for a number of regulatory purposes, including, but not limited to, those associated with the filing exempt rule, discussed in Part Two, Section 4 (d) of this Manual. Summary –The Task Force on the Oct. 31 call directed NAIC … The Task Force adopted revisions to the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) on the handling of financial modeling for RMBS/CMBS. NAIC Financial Standard Setting ... • It maintains the Purposes and Procedures Manual of the NAIC Investment Analysis Office (P&P Manual) 4. 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