Issues & Trends | June 2021

 

Insight

Insurance: SAPWG May 2021 call

KPMG reports on statutory accounting actions and discussions on the May 2021 SAPWG conference call.

KPMG reports on actions and discussions about statutory accounting on a May 2021 SAPWG conference call.

Applicability

  • All insurance companies 

Relevant dates

  • Various

Key impacts

Statutory Accounting Principles Working Group (SAPWG) adopted 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 are nonadmitted assets.

The SAPWG exposed revisions to the following guidance:

  • A principles-based definition of a bond eligible for reporting on Schedule D-1.

Report contents

  • Meeting highlights
  • Accounting highlights

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