Cynthia Braman's blog

Follow-up on Targeted Improvements to Long-Duration Insurance Contracts

Submitted by Cynthia Braman on Wed, 08/16/2017 - 8:35am

FASB makes adjustments to accounting for long-duration insurance contracts.By Barry Wilhelm

FASB continues to redeliberate its proposals regarding the accounting for long-duration insurance contracts originally proposed in a September 2016 exposure draft.

Blog: Free SUB1 Filing

Submitted by Cynthia Braman on Thu, 08/03/2017 - 8:34am

By Jeff Clevinger

Woman filing SUB1The NAIC has amended to SSAP 97 to waive the SUB2 filing requirement for nonadmitted or zero value SCA entities, that previously would have been required. However, the SUB1 filing is still required for all SCA entities subject to the SUBS1/SUB2 filing process (pretty much everything except domestic insurance SCAs).

New Reporting Guidance for Holders of Surplus Notes

Submitted by Cynthia Braman on Wed, 07/12/2017 - 10:28am

By Barry Cohen

New NAIC Reporting GuidanceThe NAIC has changed the way investments in surplus notes are valued and reported. 

Effective January 1, 2017, surplus notes with an equivalent NAIC 1 or NAIC 2 designation are valued at amortized cost. Those with an NAIC designation below NAIC 2 or nonrated must be valued at the lower of amortized cost or fair value.

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