NAIC 2019 Spring Meeting Highlights
The calendar turned to May quickly this year and summer fun is on the horizon. Before we head out of the office to take advantage of time off, let’s recap the action in Orlando at the Spring 2019 meeting of the National Association of Insurance Commissioners (NAIC). Below is an update of NAIC adoptions made within the Statutory Accounting Principles (E) Working Group (SAPWG) and a summary of significant activities related to reinsurance.
Statutory Accounting Updates
The following FASB ASUs were rejected by the SAPWG during the meeting:
- ASU 2015-08, Business Combinations: Pushdown Accounting – Amendments to SEC Paragraphs Pursuant to Staff Accounting Bulletin No. 115
- ASU 2019-02, Entertainment – Films – Other Assets – Film Costs and Entertainment – Broadcasters – Intangibles – Goodwill and Other: Improvements to Accounting for Costs of Films and License Agreements for Program Materials
The Reinsurance (E) Task Force heard from interested parties and reviewed updated revisions to the Credit for Reinsurance Model Law (#785) and the Credit for Reinsurance Model Regulation (#786) to incorporate the reinsurance collateral requirements under the Bilateral Agreement between the United States of America and the European Union (EU) on Prudential Measures Regarding Insurance and Reinsurance and the Bilateral Agreement between the United States of America and the United Kingdom on Prudential Measures Regarding Insurance and Reinsurance (Covered Agreements). The Task Force met May 15, 2019 and after hearing from interested parties, adopted the revisions to the Models. The Task Force’s parent committee, the Financial Condition (E) Committee, is scheduled to meet May 28, 2019 to consider adoption of the action taken by the Task Force.
If you have any questions about this annual update you can contact us here.