Issues & Trends | September 2021

 

Insight

Insurance: NAIC 2021 Summer meeting

KPMG reports on actions and discussions about ongoing projects on conference calls and at the NAIC 2021 Summer meeting.

Applicability

  • All insurance companies

Key impacts

The National Association of Insurance Commissioners (NAIC) adopted the following guidance:

  • SSAP No. 71 to clarify the guidance for levelized commissions. 
  • Proposal to recognize mortality improvement beyond the valuation date using the Society of Actuaries’ analysis for best estimate future mortality improvements and margin in VM-20. 
  • Charges for the Special Committee on Race and Insurance.

SAPWG did not meet at the Summer meeting. Actions resulting from its May call can be found in our SAPWG May 2021 call publication. SAPWG had a call on August 26 to primarily discuss comments received on its Schedule D-1 project that focuses on developing a principle for the types of investments that should be included on Schedule D-1.

Report contents

  • Meeting highlights
  • Accounting highlights
  • Actuarial highlights
  • Group capital calculation
  • Risk-based capital
  • Valuation of Securities Task Force
  • Race and insurance
  • Climate risk

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