Insurance Statutory Reporting – June 2021

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

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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