Article
Updates from the NAIC Statutory Accounting Principles Working Group’s (SAPWG) 2023 spring national meeting
April 20, 2023 · Authored by Daniel E. Buttke, Jeff Maffitt
The most recent article from our insurance specialists 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.
This report summarizes key activities of the National Association of Insurance Commissioners (NAIC) Statutory Accounting Principles (E) Working Group (SAPWG) at the 2023 Spring National Meeting.
SAPWG discussed a variety of topics including the proposed bond definition and Schedule D reporting, negative interest maintenance reserve (IMR) and the Inflation Reduction Act.
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 noted below are classified as Statutory Accounting Principle (SAP) clarifications and considered effective immediately after adoption by SAPWG, unless specifically noted otherwise.
Exposed revisions to statutory guidance
All exposed revisions to statutory guidance noted below are classified as SAP clarifications and with the public comment period ending June 9, 2023, unless specifically noted otherwise.