NAIC Disclosure Checklists

Submitted by Cynthia Braman on Wed, 04/19/2017 - 11:47am

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By Jeff Clevinger, Booke Instructor

Man working at deskThis week, the NAIC updated their Statutory Accounting Principles to Annual Statement Disclosure Checklist.  It is a useful tool to ensure that you have included all required disclosures in your filings.

Its structure is not my preference in that it is not in Note number order, but rather sorted by SSAP.  I like that it highlights in yellow:

  • new disclosure requirements
  • updated SSAP paragraph references

It also draws attention to the fact that all required disclosures are not in a Note, some are in Exhibits or Schedules or in an Interrogatory or elsewhere.  For this reason, it would be more difficult to sort the Checklist by Note number.  The Checklist also emphasizes which disclosures are required in the Quarterly Statement as well as the Annual Statement.

The NAIC provides five separate lists:

  • Life
  • Property and Casualty
  • Health
  • Title
  • Fraternal

We provide similar tools in our Annual Statement Handbooks, except our Checklists are sorted by Note and references the SSAP that requires the disclosure.  We have a separate Checklist for the additional disclosures required in the Audited Statutory Financial Statement but not required in the Annual Statement.

To access the NAIC Checklist, go to this address:  www.naic.org/cmte_e_app_sapwg.htm. Once the page has loaded, click on the “Related Documents” tab in the upper right corner. Scroll down and you will find the five checklist links.  Each link will open a separate Excel file.

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