Insurance: Statutory Reporting – February 2025

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 Nos. 15 and 86 added certain disclosures from ASU 2023-06 for unsecured commitments, lines of credit, repurchase and reverse repurchase transactions, secured borrowings and derivatives from ASU 2023-06, Disclosure Improvements; Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.
• SSAP No. 21 added disclosures of the total amount of collateral loans and collateral loans admitted and nonadmitted by qualifying investment type.
• SSAP Nos. 25 and 63 added guidance for transfers of assets when modifying intercompany pooling agreements and nullified INT 03-02.
• Removed the ‘Revised’ and ‘R’ from the SSAP titles, which previously identified substantively revised SSAPs. 

Effective for 2025 reporting:

• SSAP No. 2 further restricted the investments that are reported as cash equivalents or short-term investments.
• SSAP No. 26 clarified the granularity of the disclosure of book adjusted carrying values, fair values, and unrealized gains or losses of bonds.
• SSAP Nos. 26, 43 and other SSAPs added guidance for the principles-based bond definition.
• SSAP Nos. 26, 30, 32, 43 and 48 updated to refer to SSAP No. 21 for the residual definition, accounting and reporting guidance.
• SSAP No. 21 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 94 updated guidance for tax credit investments, by expanding the scope of SSAP 93 and 94, and adding consistency between SSAPs.