The Blanks Working Group (“BWG”) held a conference call on February 21, 2024, to review and consider the adoption of six previously exposed positions. Of those six items, five were adopted. The other item was re-exposed until April 23, 2024, to allow for further comments and discussion.
Adopted Items
The items below were adopted with minor editorial updates and/or with additional comments (i.e. friendly amendments) from the BWG, regulators, or other interested parties. All adoptions are applicable to either the Life/Fraternal, Property, Health, and Title blanks, as specified by “L” for Life/Fraternal, “P” for Property, “H” for Health, and “T” for Title, or some combination thereof. Adopted items are effective for the 2024 Annual Statement, except where noted differently.
- 2023-05BWG Modified: The reference to Identity Theft Insurance will be removed from the General Instructions for the Cybersecurity and Identity Theft Insurance Coverage Supplement. The interrogatory questions from Part 1 that pertain to Identity Theft Insurance and tail policies will be removed and the Identity Theft Insurance column will be removed from Parts 2 and 3. Claims-made and occurrence breakdowns, as well as first-party and third-party breakdowns will be removed from data collection. A new Part 5 – Cybersecurity Coverage by State (with a layout similar to Schedule T) will be added to create state level transparency regarding how entities are selling cybersecurity insurance coverage. (P)
- 2023-13BWG Modified: This items adds new instructions and illustrations under Note 5 – Investments for Net Negative (Disallowed) Interest Maintenance Reserve (IMR) through the addition of Note 5S and a new General Interrogatory (#38), with subsequent interrogatories being renumbered, for a company attestation.This item coincides with the SAPWG’s disclosure on Net Negative (Disallowed) IMR (INT 23-01). (L/P/H/T)
- 2023-14BWG Modified: This item revises the Health Test Language in the General Instructions and General Interrogatories, Part 2 to clarify and create better transparency in the calculation of the premium and reserve ratios within the health test. (L/P/H)
- 2023-15BWG Modified: This item adds a new General Interrogatory to provide the data needed to complete the C-2 mortality risk in the Life Risk-Based Capital (RBC). The new GI will provide the net amounts at risk in some of the categories used in the Life/Fraternal RBC C-2 mortality risk. The amounts for the reporting categories used are not available elsewhere in the annual statement. The addition will allow for direct pulls of information between the annual statement and the RBC formula. All subsequent interrogatories within General Interrogatories, Part 2 will be renumbered. (L)
- 2023-16BWG Modified: This item changes Schedule P to show 10 years of data and a “prior” row for all lines of business beginning in 2024. This modifies requirements for seven lines of business that currently only show 2 years of data and a “prior” row (the short-tail lines: I, J, K, L, S, T and U). (P)
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