Article
Updates from the Statutory Accounting Principles Working Group’s (SAPWG) May 16 interim meeting
June 13, 2023 · Authored by Daniel E. Buttke, Jeff Maffitt
This report summarizes key activities of the National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles (E) Working Group (SAPWG) at its interim meeting on May 16, 2023.
SAPWG discussed a variety of topics including the Inflation Reduction Act, tax credits and investments, and more.
Insurance organizations should take note of these changes as they may significantly affect their accounting in 2023 and beyond.
Adopted revisions to statutory guidance
All adopted revisions to statutory guidance below are classified as Statutory Accounting Principles (SAP) clarifications and considered effective immediately after adoption by SAPWG, unless specifically noted otherwise.
Interpretation 22-02: Third Quarter 2022 through Second Quarter 2023 Reporting of the Inflation Reduction Act - Corporate Alternative Minimum Tax
During the 2022 fall national meeting, SAPWG adopted INT 22-02: Third Quarter 2022 through First Quarter 2023 Reporting of the Inflation Reduction Act - Corporate Alternative Minimum Tax (CAMT) to provide temporary guidance related to the CAMT through first quarter 2023 reporting.
This agenda item extends INT 22-02 to Aug. 16, 2023, which will allow INT 22-02 to be applied for the second quarter of 2023 reporting.
SSAP No. 86 - Derivatives and Various SSAPs
This agenda item details editorial updates to:
SSAP No. 86 - Derivatives: Change to a disclosure category from “intrinsic value” to “volatility value.”
Various SSAPs
- Streamline references to the Purposes and Procedures Manual
- Changes to consistently reference percent (with % sign and not “percent”)
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