Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

Insurance: NAIC 2023 Spring meeting

Issues and Trends | May 2023

KPMG reports on actions taken and discussions held about ongoing projects on conference calls and at the Spring 2023 meeting of the National Association of Insurance Commissioners.


  • All insurance companies

Key impacts

The National Association of Insurance Commissioners (NAIC) adopted the following guidance:

  • SSAP No. 34 to add disclosures for interest income due and accrued and for paid-in-kind interest included in the current principal balance.
  • Proposal to add a line in the risk-based capital calculation (RBC) to isolate residual tranches reported on Schedule BA and the asset valuation reserve and to add residual tranches to the sensitivity testing exhibits for RBC. 

The NAIC exposed revisions to the following guidance:

  • SSAP No. 21R to clarify that pledged assets must qualify as admitted invested assets for a collateral loan to be admitted.
  • SSAP Nos. 21R, 26R, 43R and other affected SSAPs related to the principles-based bond project and a proposal to split Schedule D, Part 1 into two sections.
  • INT 23-01 to provide limited-time, optional, statutory accounting guidance that would allow insurers to admit a portion of negative IMR.
  • Nullification of INT 03-02 because it is inconsistent with SSAP No. 25 for economic and non-economic related party transactions.

The NAIC discussed the following guidance:

  • Revisions to SSAP No. 93 to expand current guidance to capture all tax equity investments that qualify under specified criteria and provide general federal business tax credits and state tax credits including state premium tax credit programs.
  • Quantitative results for the Economic Scenario Generator field test.
  • Amendments to the Purposes and Procedures Manual of the NAIC Investment Analysis Office to exclude structured equity and feeder funds from being eligible for the filing exempt process.

Report contents

  • Meeting highlights
  • Accounting highlights
  • Actuarial highlights  
  • Risk-based capital
  • Valuation of Securities Task Force
  • Big data and artificial intelligence
  • KPMG Financial Reporting View
  • Acknowledgments

    Download the document

    Issues & Trends: NAIC Spring Meeting - May 2023

    Download PDF

    Accounting Research Online

    Access our accounting research website for additional resources for your financial reporting needs.

    Thank you!

    Thank you for contacting KPMG. We will respond to you as soon as possible.

    Contact KPMG

    Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

    By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

    An error occurred. Please contact customer support.

    Job seekers

    Visit our careers section or search our jobs database.

    Submit RFP

    Use the RFP submission form to detail the services KPMG can help assist you with.

    Office locations

    International hotline

    You can confidentially report concerns to the KPMG International hotline

    Press contacts

    Do you need to speak with our Press Office? Here's how to get in touch.