The National Association of Insurance Commissioners (NAIC) adopted the following guidance:
- Revisions to SSAP Nos. 26R, 43R and other SSAPs to add guidance for the principles-based bond definition.
- INT 23-01 to provide optional, temporary guidance for negative (disallowed) interest maintenance reserve.
- A risk-based capital factor for residual tranches reported on Schedule BA.
The NAIC exposed revisions to the following guidance:
- SSAP No. 21R to clarify that pledged assets must qualify as admitted invested assets for a collateral loan to be admissible.
- SSAP Nos. 43R and 48 to clarify the scope and reporting of residual interests and residual security tranches.
- Nullification of INT 03-02 because it is inconsistent with SSAP No. 25 for economic and non-economic related party transactions.
- INT 23-02 to provide guidance on how insurers will assess the corporate alternative minimum tax (CAMT) for the Q3 2023.
- INT 23-03 to provide guidance on assessing the effects of CAMT for periods on or after the 2023 year-end.
- A framework for the regulation of insurer’ investments.
The NAIC discussed the following guidance:
- Initial observations from filings submitted under Actuarial Guideline 53 adopted in 2022.
- Quantitative results of the economic scenario generator from the field test on C-3 Phase I requirements.
- Proposal to update the definition of an NAIC designation in the Purposes and Procedures Manual.
- Process for challenging the NAIC designations assigned through the filing exempt process when the Securities Valuation Office determines the Credit Rating Provider rating does not represent a reasonable assessment of risk for regulatory purposes.