GRANDFATHERED INVESTMENTS Definition

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GRANDFATHERED INVESTMENTS are Municipal bonds and equities acquired on or before August 7,1986, the effec­tive date of changes in tax rates caused by the Tax Reform Act of 1986. These investments are not subject to the 5.1 % property-casualty insurance company proration tax.

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FAIL is the failure of a transaction to be completed. In the settlement of a securities transaction, a fail occurs if the instrument is not paid for or not delivered.

ACCOUNTING DIVERSITY is the recognition that many diverse national and international accounting standards exist in the world.

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