The National Association of Insurance Commissioners (NAIC) adopted the following guidance:
- SSAP No. 32R and a revised issue paper to improve preferred stock definitions, revise measurement guidance and clarify impairment guidance for preferred stock.
- INT 20-08 to require premium payments not made under policy terms to be recorded as an adjustment to premium, unless the insurer is applying a limited-time scope exception for COVID-19 relief payments or has a different prescribed or permitted practice.
- INT 20-09 to provide accounting guidance for basis swaps issued by Central Clearing Parties in response to transitioning from LIBOR to the Secured Overnight Financing Rate.
- COVID-19 related interpretations of INTs 20-02, 20-04 and 20-05 to extend the effective dates to December 30, 2020.
The NAIC exposed revisions to the following guidance:
- SSAP No. 25 to clarify the types of entities and individuals considered related parties after incorporating comments from interested parties and to add disclosures.
- Two options to account for credit tenant loans.
- SSAP No. 71 to clarify the guidance for levelized commissions, including the timing of expense recognition.