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SSAP and Blank Updates to the Statutory Financial Statements – May 31, 2023 BWG Conference Call

The Blanks Working Group (“BWG”) held a conference call on May 31, 2023, to review and consider the adoption of twelve previously exposed positions. Of those twelve items, eight were adopted. The other items were deferred and re-exposed until June 30, 2023, to allow for further comment 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 2023 Annual Statement, except where noted differently.

  • 2022-17BWG Modified: This item adds a new disclosure paragraph for Note 8 – Derivative Instruments and updates the illustrations for a new disclosure to be data captured. It adds three new electronic-only columns related to “derivatives with excluded components” to Schedule DB, Parts A and B, Sections 1 and 2. In addition, the instructions will be updated to add a new code of “%” to the Code column of each Schedule. This item coincides with Ref #2021-20 adopted by the Statutory Accounting Principles (E) Working Group (SAPWG) to reflect changes to SSAP No. 86 – Derivatives as adopted on August 10, 2022. This adoption is effective January 1, 2023, although early adoption was permitted at year-end 2022. (L/P/H/T)
  • 2023-01BWG Modified: This item removes Pet Insurance from the Inland Marine line of business and adds a new line of business to the Appendix – P/C Lines of Business. It adds a Pet Insurance line within the existing P&C blank for the Underwriting and Investment Exhibits, Exhibit of Premiums and Losses (State Page), and Insurance Expense Exhibit. Schedule P will be updated to include Parts 1U through 4U, specific to Pet Insurance. This adoption is effective January 1, 2024. (P)
  • 2023-02BWG Modified: This item adds a new exhibit to identify premiums that are reportable for Market Conduct Annual Statement (MCAS) purposes. The exhibit will have a March 1st due date. The MCAS Lines of Business are as follows: Disability Income, Health, Homeowners, Individual Annuity, Individual Life, Lender-Placed Home and Auto, Long-Term Care, Other Health, Private Flood, Private Passenger Auto, Short-Term Limited Duration Health Plans, Travel. (L/P/H)
  • 2023-03BWG: This item removes Life crosschecks for Columns 2, 6 and 10 of the Accident and Health Policy Experience Exhibit. The Life crosschecks do not work correctly because Columns 2, 6 and 10 on the exhibit are on a direct basis and Exhibit 6 is on a direct plus assumed basis. (L)
  • 2023-04BWG Modified: This item adds instructions for the appointed actuary and qualified actuary contacts to the Jurat “electronic only” section for Annual Statement reporting exclusively (no Quarterly Statement impact). The qualified actuary contact will only be required for Life/Fraternal companies and Health companies that are required to file the Life Supplement. (L/P/H/T)
  • 2023-08BWG: This item adds clarifying language for mutual insurance companies to Schedule Y, Part 3, indicating mutual insurance companies that are part of the holding company organization should be included on the schedule. (L/P/H/T)
  • 2023-10BWG Modified: This item updates the three primary issue periods on the Long-Term Care Experience Reporting Form 2. The issue periods are not supposed to change each year but were mistakenly updated on the 2021 and 2022 Annual Blanks and Instructions. (L/P/H)
  • 2023-11BWG Modified: This item modifies the instructions and illustration to data-capture additional information on interest in Note 7 – Investment Income. The Annual Statement instructions will be modified to reflect changes to SSAP No. 34 – Investment Income Due and Accrued adopted by the SAPWG on 3/22/2023 through Ref #2022-17. (L/P/H/T)

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