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Table J.

Long-Term Benchmark Swap Spreads

(85% Conditional Mean--July 2000 through September 2009) WAL 3M

Swap Spread 29.3

6M

29.9

1 Y

38.8

2 Y

47.5

3 Y

52.3

4 Y

53.4

5 Y

55.2

6 Y

55.4

7 Y

53.8

8 Y

50.6

9 Y

47.0

10 Y

43.6

11 Y

40.0

12 Y

37.7

13 Y

34.9

14 Y

33.3

15 Y

33.0

16 Y

31.7

17 Y

31.4

18 Y

32.0

19 Y

33.3

20 Y

35.1

21 Y

35.7

22 Y

36.4

23 Y

37.4

24 Y

38.5

25 Y

39.7

26 Y

40.7

27 Y

41.7

28 Y

42.7

29 Y

43.8

30 Y

44.2

Š 2010 National Association of Insurance Commissioners

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VM-20_APF_form_5-18-11  

3. Show what changes are needed by providing a red-line version of the original verbiage with deletions and identify the verbiage to be dele...

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