NAIC Fall 2024 meeting

Key Impacts

The National Association of Insurance Commissioners adopted the following guidance:

• SSAP No. 26 to clarify the disclosure requirements for book adjusted carrying values, fair values, and unrealized gains or losses of bonds.
• INT 24-01 to provide an Implementation Questions and Answers (Q&A) that addresses principles-based bond definition implementation issues.

The NAIC exposed revisions to the following guidance:

• SSAP No. 1 and the Annual Statement Instructions to clarify how to report modified coinsurance and funds withheld assets.
• Options to clarify guidance for investments in noninsurance subsidiary, controlled or affiliated entities that hold assets for the benefit of the insurer and its affiliates (investment subsidiaries).
• INT 24-02 and revisions to INT 05-05 to add guidance for the Medicare Part D Prescription Payment Program.

The NAIC discussed the following guidance:

• SSAP No. 61 to add guidance from SSAP No. 62, Exhibit A Q&A, Question 10, requiring risk transfer to be evaluated in the aggregate for contracts with interrelated features, and to add a reference to Appendix A-791, paragraph 6.