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

 

 

Subscribe to our newsletter

Receive timely updates on accounting and financial reporting topics from KPMG.

Receive timely updates on accounting and financial reporting topics from KPMG.