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.
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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