Issues & Trends   |   April 2017
 

Insurance: NAIC 2017 Spring Meeting

KPMG reports on actions taken on conference calls and at the Spring 2017 meeting of the National Association of Insurance Commissioners. The NAIC discussed recent accounting change and regulatory developments impacting insurance companies.

Applicability

NAIC 2017 Spring Meeting

  • All insurance companies

Relevant dates

  • Effective immediately

Key impacts

As part of its discussions, the NAIC adopted guidance to:

  • discount guaranty fund assessments and related assets resulting from insolvencies of insurers that have written long-term contracts
  • remove Securities Valuation Office (SVO) designated bond Exchange Traded Funds (ETFs) and Bond Mutual Funds that qualify for bond treatment from the definition of a bond and provide separate accounting guidance
  • add disclosures for significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claim adjustment expenses, and the amount of interest accretion recognized in the statement of income

Report contents

  • Principles-based reserving
  • Investments
  • FASB accounting standards update
  • Cybersecurity
  • Group capital calculation
  • Qualified jurisdictions
  • Investment risk-based capital
  • Other accounting highlights
  • Other regulatory highlights
  • Other actuarial highlights

Related content

KPMG’s summary of new and revised statutory accounting standards for 2016 and 2017 financial reporting

 

 

Subscribe to our newsletter

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



ARO

Visit KPMG's Accounting Research Online for financial reporting resources.