Issues & Trends | June 2021

 

Insight

Insurance Statutory Reporting – June 2021

KPMG summarizes new and revised statutory accounting standards for 2021 financial reporting by insurers.

Applicability

  • All insurance companies

Relevant dates

  • Various

Key impacts

Effective for 2021 reporting:

  • SSAP No. 32R clarifies the preferred stock definitions, revises the measurement guidance and clarifies the impairment guidance for preferred stock. 
  • SSAP No. 25 clarifies the types of entities and individuals considered related parties. The revisions also include a new Schedule Y disclosure recommended by the Group Solvency Issues Working Group.
  • SSAP No. 103R adds 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 adopts ASU 2021-01 that allows an optional transitional expedient to continue existing hedging relationships in certain circumstances. This guidance will expire December 31, 2022.
  • INT 21-01 clarifies that cryptocurrencies are nonadmitted assets.

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