Article
Updates from the Statutory Accounting Principles Working Group’s Oct. 23 interim meeting
Nov. 1, 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’s (SAPWG) interim meeting that took place on Oct. 23, 2023.
Insurance organizations should take note of these changes as they may significantly impact their accounting in 2024 and beyond. Check out our insurance services page to learn more about Baker Tilly’s practice.
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 Oct. 23, 2023.
SAPWG updates
SAPWG discussed a variety of topics including collateral for loans and more.
Insurance organizations should take note of these changes as they may significantly affect their accounting in 2024 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
The exposed revisions to statutory guidance noted below are classified as SAP clarifications with the public comment period ending Nov. 15, 2023.
