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INT 23-04: Reinsurance liquidation questions

Defining Issues | October 2023

SAPWG exposed INT 23-04 addressing accounting and reporting questions about a recent life reinsurer liquidation.

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Applicability

INT 23-04: Reinsurance Liquidation Questions

  • All insurance companies

Relevant dates

  • Comments are due November 15, 2023

Key Impacts:

The exposed INT proposes that insurers:

  • Use commutation or recapture of life reinsurance contracts in paragraph 58 of SSAP No. 61R when a liquidation order cancels a life reinsurance contract on a cut- off basis
  • Impair uncollectible reinsurance recoverable in accordance with SSAP No. 5R
  • Report any unimpaired reinsurance recoverables from the reinsurance counterparty on an asset page and recognize any reinsurance payable
  • Nonadmit all amounts recoverables from a life reinsurer in liquidation
  • Follow existing applicable disclosures and provide additional information sufficient to understand the nature and impact of a reinsurance counterparty in liquidation

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