Issues & Trends   |   January 2017
 

Insurance: NAIC 2016 Fall Meeting

KPMG reports on the NAIC 2016 Fall Meeting in Miami. The NAIC discussed insurance hot topics, including the implementation of principles-based reserving and recently issued FASB standards.

Applicability

NAIC 2016 Fall Meeting

  • All insurance companies

Relevant dates

  • Effective immediately

Key impacts

  • Adopted reclassification of money market mutual funds form short-term investments to cash equivalents
  • Adopted a new variable annuities supplement and revised current disclosures for variable annuities
  • Adopted enhancing disclosures for repurchase and reverse-repurchase agreements
  • Exposed a report on implementing Solvency II by European Union (EU) member states and its potential effect on the qualified jurisdiction status of France, Germany, Ireland and the UK
  • Discussed receiving the test results on whether changes are needed to the net premium reserves calculation for term products under VM-20
  • Discussed the status of the third draft of the model law of cybersecurity, which aims to establish consistent standards for data security, investigation and notifications to consumers about data security breaches

Report contents

  • Principle-Based Reserving
  • Variable annuities
  • Investments
  • FASB Accounting Standards Update
  • Cybersecurity
  • Group capital calculation
  • Qualified jurisdictions
  • Investment risk-based capital
  • Other accounting highlights
  • Other regulatory highlights
  • Other actuarial highlights

 

 

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