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Insurance: Statutory Reporting – June 2024

Issues & Trends | June 2024

We summarize new and revised statutory accounting standards for 2024 and 2025 financial reporting by insurers.

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Applicability

  • All insurance companies

Key impacts

Effective for 2024 reporting:

  • SSAP No. 7 revised the Annual Statement Instructions to remove guidance that permits the allocation of non-interest related losses to IMR and to clarify that these non-interest related losses should be allocated to AVR.
  • SSAP No. 21R added disclosures of the total amount of collateral loans and collateral loans admitted and nonadmitted by qualifying investment type.

Effective for 2025 reporting:

  • SSAP No. 2R further restricted the investments that are reported as cash equivalents or short-term investments.
  • SSAP Nos. 26R, 43R and other SSAPs added guidance for the principles-based bond definition.
  • SSAP No. 21R added the earned yield with a cap method (the Allowable Earned Yield method) to measure residual tranches or interests, with a practical expedient that allows the use of the cost recovery method.
  • SSAP Nos. 34, 48, 93 and 94R updated guidance for tax credit investments, by expanding the scope of SSAP 93 and 94R, and adding consistency between SSAPs.

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Statutory Reporting - June 2024

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Insurance: February 2024 SAPWG call

KPMG reports on actions taken by the Statutory Accounting Principles Working Group on the February 2024 conference call.

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Insurance: NAIC 2024 Spring meeting

We report on actions and discussions on conference calls, and at the NAIC 2024 Spring meeting.

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Insurance: May 2024 SAPWG call

KPMG reports on actions taken by the Statutory Accounting Principles Working Group on the May 2024 conference call.

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Accounting Research Online

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Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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