NAIC adopted the following guidance:
- SSAP No. 25 to clarify the types of entities and individuals that are considered related parties. The revisions also include a new Schedule Y disclosure recommended by the Group Solvency Issues Working Group.
The NAIC exposed revisions to the following guidance:
- SSAP No. 103R to add disclosures about transfers of financial assets accounted for as a sale when the transferor maintains continuing involvement in the transferred financial assets.
- INT 20-01 to adopt ASU 2021-01 and allow an optional temporary expedient to continue the existing hedging relationship in certain circumstances. This guidance will expire December 31, 2022.
- INT 21-01 to clarify that cryptocurrencies do not meet the definition of cash under SSAP No. 2R because they are not able to be deposited or exchanged with most US banks and financial institutions, and therefore are nonadmitted assets.
- Real Estate RBC factors for life insurers.
- 2021 charges for the Special Committee on Race and Insurance.
- Bond RBC factors.
The NAIC discussed the following guidance:
- progress on a proposal to establish a principle about the type of investments that should be included in Schedule D-1: Long-Term Bonds; and
- recommendations about climate risk disclosures.