The Statutory Accounting Principles Working Group (“SAPWG”) held a conference call on February 20, 2024. This post is intended to provide an informative snapshot of what was accomplished during the meeting, as well as help accelerate your determination of the impact the adoptions and modifications will have on your financial statements.
Adopted Items
The SAPWG reviewed and adopted the following item that was previously exposed for comment. This item was adopted with minor revisions recommended by interested parties or regulators during the exposure period and discussed during the meeting and applies to all lines of business (Life/Fraternal, Property, Health and Title). All revisions are effective immediately, unless otherwise noted.
- Ref #2023-28: Collateral Loan Reporting – This item modifies SSAP No. 21R – Other Admitted Assets to add new disclosure requirements for collateral loans. The new disclosure requirement should identify the total amount of collateral loans and the collateral loans admitted and nonadmitted by qualifying investment type. The SAPWG will sponsor a blanks proposal to data-capture the information for year-end 2024.
As always, Gain Compliance integrates the latest changes into the NAIC guidelines to streamline the reporting process. If there are any further questions or comments, please do not hesitate to reach out.
Stay on top of changes to the NAIC guidance on Gain’s library of resources.
Make sure to check out company blog posts, and follow Gain Compliance on LinkedIn, Facebook and Twitter.