Exposure Drafts Outstanding
Statutory Accounting Principles Working Group
Last Updated June 14, 2017
SUBSTANTIVE AND NONSUBSTANTIVE EXPOSURES
|Ref No.||Issue Paper/ SSAP No./ Appendix||Title||Description|
|EXPOSURES With COMMENT DEADLINE OF JUNE 16, 2017|
Exposure considers prior industry comments and identifies key areas where input is requested.
SSAP No. 86
|Impact of Future Settled Premiums on the Option Valuations||
Exposed agenda item to clarify liability recognition for the cost to acquire derivatives with a deferred or financing premium, as well as to provide disclosures and specific reporting for these premiums. Industry was requested to provide an illustrated Schedule DB to identify proposed revisions to capture information on these derivative structures.
SSAP No. 86
|Settlement of Variation Margin||
Requested input on the legal settlement impact related to variation margins.
|EXPOSURES With COMMENT DEADLINE OF JULY 7, 2017|
SSAP No. 26
|AVR and IMR in SSAP No. 26||
Exposed proposed revisions to clarify recognized losses from OTTI shall be recorded entirely to AVR or IMR in accordance with provisions of the annual statement instructions.
SSAP No. 26
|ASU 2017-08 – Premium Amortization on Purchased Callable Debt Securities||
Exposed revisions to reject ASU 2017-08 and retain the statutory accounting provisions of “yield-to-worse” for callable debt securities.
There are no advance materials at this time.
Accounting Practices and Procedures Manual Updates
SAPWG Maintenance Agenda Submission Form (Form A)
See Policy Statement on SAPWG Maintenance Agenda Process for description and instruction. After completion of the Form A, please send to NAIC staff via email (see contact information below) for review. NAIC staff will send a confirmation of receipt. In order for NAIC staff to place the Form A on the Agenda, the Form A must be received no later than the comment deadline.
Updated May 5, 2017
SAP to Annual Statement Disclosure Checklist Updated
for 2016 Annual Statements
Please note, in an effort to go green, the spreadsheets are spaced to view the entire width on a computer screen. At other percentages or if printing, some detail may be lost.
See Appendix F – Policy Statements of the Accounting Practices and Procedures Manual for a complete listing.
The Statutory Accounting Principles (E) Working Group is responsible for developing and adopting substantive, nonsubstantive and interpretation revisions to the NAIC Accounting Practices and Procedures Manual (AP&P Manual). The AP&P Manual provides the basis for insurers to prepare financial statements for financial regulation purposes.
Substantive statutory accounting revisions introduce original or modified accounting principles. Substantive revisions can be reflected in an existing Statement of Statutory Accounting Principles (SSAP) or a new SSAP. Nonsubstantive statutory accounting revisions are characterized as language clarifications that do not modify the original intent of a SSAP. SSAPs are considered the highest authority (Level 1) in the statutory accounting hierarchy.
An interpretation to an existing SSAP may be developed to provide timely application, interpretation or clarification guidance. Revisions classified as an interpretation shall not amend, supersede or conflict with existing, effective SSAPs. Interpretations are considered the second highest authority (Level 2) in the statutory accounting hierarchy.
Items for consideration by the Working Group can be submitted via a SAPWG Maintenance Agenda Submission Form (Form A) to the NAIC staff support listed on this Web page.
The following Subgroup reports to the Statutory Accounting Principles Working Group:
For revisions adopted by the Working Group, please refer to the Accounting Practices and Procedures Manual Updates Web page