The Statutory Accounting Principles Working Group (“SAPWG”) held a conference call on May 15, 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 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 #2023-16: Schedule BA Reporting Categories – This item does not directly modify any SSAP’s, but instead communicates that the SAPWG supports the adoption of the modified Blanks proposal (2023-12BWG), effective January 1, 2025, to provide Schedule BA reporting changes to detail non-bond debt securities under the adopted bond definition, as well as to incorporate other consistent/more detailed reporting in Schedule BA.
- Ref #2024-13: Update SSAP No. 107 Disclosures – This item modifies SSAP No. 107 – Risk-Sharing Provisions of the Affordable Care Act to delete the transitional reinsurance program disclosures and the risk corridor disclosures as both programs have expired. The SAPWG has sponsored a concurrent Blanks proposal (2024-10BWG) to remove the ACA transitional reinsurance program and risk corridors program disclosures from Note 24.E (Life/Fraternal,Health) and Note 24.F (Property) in the Annual Statement Instructions for year-end 2024. The Blanks proposal has been exposed for comment and will be discussed and considered for adoption in the Blanks Working Group (BWG) meeting scheduled for May 23, 2024.
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