Defining Issues | October 2023
Insight
Applicability
- All insurance companies
Relevant dates
- Comments are due November 15, 2023
Key impacts
The exposed INT proposes that insurers:
- Use commutation or recapture of life reinsurance contracts in paragraph 58 of SSAP No. 61R when a liquidation order cancels a life reinsurance contract on a cut- off basis
- Impair uncollectible reinsurance recoverable in accordance with SSAP No. 5R
- Report any unimpaired reinsurance recoverables from the reinsurance counterparty on an asset page and recognize any reinsurance payable
- Nonadmit all amounts recoverables from a life reinsurer in liquidation
- Follow existing applicable disclosures and provide additional information sufficient to understand the nature and impact of a reinsurance counterparty in liquidation.
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