Issues & Trends  |  August 2018

Insurance: NAIC 2018 Summer Meeting

Filed under: Industry, Insurance

KPMG reports on actions taken on conference calls and at the Summer 2018 meeting of the National Association of Insurance Commissioners. The NAIC discussed recent accounting change and regulatory developments impacting insurance companies.

Applicability

NAIC 2018 Summer Meeting

  • All insurance companies

Relevant dates

  • Effective immediately

Key impacts

As part of its discussions, the NAIC adopted:

  • SSAP No. 101 revisions for the effects of the Tax Cuts and Jobs Act (TCJA)
  • INT 18-03 addressing the statutory accounting for the repatriation transition tax (RTT), the alternative minimum tax (AMT) credit and the global intangible low-taxed income tax (GILTI) from the TCJA
  • Life risk-based capital (RBC) factors reflecting the TCJA tax rate change effective for 2018 RBC filings
  • A new variable annuity framework with a targeted effective date of January 1, 2020
  • Changes to VM-22 to expand the scope for certain products and clarify the intent of the framework

Report contents

  • Meeting highlights
  • Investments
  • Principle-based reserving
  • Variable annuities
  • Group capital calculation
  • Covered agreement
  • Risk-based capital
  • Other accounting highlights
  • Other actuarial highlights

 

 

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