Blog: Free SUB1 Filing

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

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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).

The regulators have found that many insurers are out of compliance in this area. To give insurers a fresh start, the NAIC is accepting SUB1 filings for entities acquired before 2016 free of charge. This free “amnesty period” expires September 30, 2017. This NAIC site provides information about SUB1/SUB2 filing procedures.

To learn more about SSAP 97 and other investment accounting issues, consider one of Booke’s upcoming investment accounting seminars:

P&C and Health Insurers - Philadelphia (9/21-22) and Las Vegas (10/25-26)

Life Insurers - Las Vegas (10/24-25)

 

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