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