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NAIC Fall 2024 meeting

Issues & Trends | January 2025

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

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Applicability

  • All insurance companies

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.

Report contents

  • Meeting highlights
  • Accounting highlights
  • Actuarial highlights

    Download the document

    NAIC Fall 2024 Meeting

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    Olga Roberts
    Managing Director, Dept. of Professional Practice, KPMG US
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    Leigh Wilson Gasparovic
    Partner, Dept. of Professional Practice, KPMG US

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