Issues & Trends | November 2016
 

SEC staff issues guidance about Guide 6

KPMG reports on SEC clarification of claims disclosures. SEC clarifies requirements for the ten-year property-casualty loss reserve development table when applying the short-duration insurance contracts standard.

Applicability

  • Insurance company registrants that apply the short-duration insurance contracts standard, ASU 2015-09

Relevant dates

  • Effective immediately

Key impacts

  • Companies do not have to separately provide the ten-year property-casualty loss reserve development table identified in Guide 6 when disclosing the claims development tables required by the short-duration insurance contracts standard
  • Q&A 11310.1 updated in the SEC’s Financial Reporting Manual

 

 

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