The Statutory Accounting Principles Working Group (“SAPWG”) met virtually and in person at the NAIC Spring National Meeting held on March 23, 2026. 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 items that were previously exposed for comment. The items were adopted with minor revisions recommended by interested parties or regulators during the exposure period and discussed during the meeting. The adopted items apply to all lines of business (Life/Fraternal, Property, Health and Title) and all revisions are effective immediately, unless otherwise noted.
- Ref #2025-25: Separate Account Nonadmitted Assets – This item adopts revisions to SSAP No. 56 – Separate Accounts to address nonadmittance for assets held under the “general account basis” in the separate account. In addition, the Working Group communicated their support for a related blanks proposal (2025-23BWG Modified) to incorporate the concept of nonadmitted assets within the separate account balance sheet and corresponding schedules. The changes would be effective January 1, 2027. (Life/Fraternal)
- Ref #2025-30: Administrative Services Contracts Disclosure Clarification – This item adopts revisions to SSAP No. 47 – Uninsured Plans to clarify inconsistencies in the disclosure calculation and communicate support for the related annual statement blanks proposal (2025-24BWG) to update the illustration for Note 18.B – Total net gain or loss from operations on administrative services contracts (ASCs). This adoption is effective December 31, 2026.
- Ref #2025-31: Updated Coverage Gap – This item adopts revisions to (INT) 05-05: Accounting for Revenues Under Medicare Part D Coverage. The adopted revisions note the December 31, 2024 discontinuation of the coverage gap discount program and add reference to the federal Centers for Medicare & Medicaid Services (CMS) manufacturer’s discount program.
- Ref #2025-32: Remove Shaded Text – This item adopts revisions to SSAP No. 40 – Real Estate and SSAP No. 90 – Impairment of Disposal of Real Estate Investments to delete the shaded text instructions and delete previously superseded guidance in SSAP No. 40 currently shown as shaded text. The Summary of Changes and How to Use documents were also modified to delete the shaded text instructions.
- Ref #2025-33: Updates to Annual Statement Expense Descriptions and Categories – This item does not change statutory accounting guidance but supports recommending that the Blanks (E) Working Group (BWG) adopt 2025-26BWG. The BWG item includes revisions to the Underwriting and Investment Exhibit, Part 3 (P&C and Health filers), Exhibit 2 (Life/Fraternal filers), and the Operations and Investment Exhibit, Part 3 (Title filers) to modernize expense descriptions and categories.
- Ref #2025-34: Updates on Economic Scenario Generator and Non-Variable Annuities – This item adopts revisions to SSAP No. 3 – Accounting Changes and Corrections of Errors, SSAP No. 51 – Life Contracts and SSAP No. 52 – Deposit-Type Contracts. These revisions provide guidance on the optional implementation period for Valuation Manual revisions regarding non-variable annuities. The revisions also update the phase-in disclosures for the phase-in period for the economic scenario generator. The guidance includes an optional implementation period of up to three years. Implementation of the guidance should be recognized as a change in valuation basis and the change in accounting principle disclosures should be completed.
- Ref #2025-01: Sale-Leaseback Clarification – Adopted revisions to SSAP No. 22 – Leases clarify that sale-leasebacks with restrictions on access to cash or assets received from the sale do not qualify for sale-leaseback accounting and must be accounted for by the seller using the financing method.
- Ref #2025-23: IMR Proof of Reinvestment – This item has been adopted as a new SAP concept. The proposed concepts and templates for the IMR Proof of Reinvestment will be exposed for full Working Group and industry consideration. The new concepts and disclosures are anticipated to be included in the issue paper and revised SSAP No. 7 – Asset Valuation Reserve and Interest Maintenance Reserve being developed as part of the long-term IMR project.
- Ref #2025-28: Nonadmittance of Long-Term Repos – Adopted revisions to SSAP No. 103 – Transfers and Servicing of Financial Assets and Extinguishments of Liabilities allow repurchase agreements with maturity dates of more than one year to be admitted as long as the agreement satisfies the initial and ongoing SSAP No. 103 collateral requirements. Reverse repurchase agreements with maturity dates in excess of one year should still be nonadmitted.
- Ref #2025-29: Reporting Clarification – Adopted revisions communicate support for a blanks proposal (2026-07BWG) to clarify reporting for the Schedule D reporting columns of “payment due at maturity” and “origination balloon payment percentage” and for the reporting of maturity date on Schedule BA. These changes would be effective December 31, 2026.
For additional information on the items adopted by the NAIC SAPWG throughout 2025, please click here.
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