Defining Issues   |   February 2018

 

NAIC adopts INT 18-01, Updated Tax Estimates under the Tax Cuts and Jobs Act

KPMG reports on the NAIC’s adoption of INT 18-01 to provide a specific exception to SSAP No. 9 on updated estimates under US tax reform. Under the exception, insurance companies will not need to update certain Type 1 subsequent events through the issuance of the audited financial statements.

Applicability

  • Statutory financial reporting by insurance companies affected by US tax reform

Relevant dates

  • Effective for 2017 statutory financial statements

Key impacts

INT 18-01:

  • Provides a limited time, limited scope exception to the Type 1 subsequent event guidance in SSAP No. 9 in that reporting entities will not need to update certain Type 1 subsequent events through the issuance of the audited financial statements
  • Specifies the captions in the rollforward of capital and surplus for reporting changes in deferred taxes resulting from the Tax Cuts and Jobs Act
  • Requires companies to include a narrative disclosure of the total effect from a change in tax rates in the 2017 statutory financial statements

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