NAIC 2020 May & June Update

Update as of July 1, 2020: Today the NAIC Financial Condition (E) Committee met and discussed INT 20-08T. There was not a clear consensus among regulators and industry interested parties. In the end, INT 20-08T was rejected by the Financial Condition E Committee by a simple majority vote. This will be sent back to the Accounting Practices and Procedures Task Force for revisions and further consideration. 

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Johnson Lambert LLP is dedicated to keeping you informed of changes adopted by the NAIC within the Statutory Accounting Principles (E) Working Group (SAPWG) that will impact your statutory basis financial statements. The following updates were adopted in remote interim sessions of the SAPWG during the year.

Statutory Accounting Updates

Rejected ASUs

The following FASB ASUs were rejected by the SAPWG:

  • ASU 2016-20 – Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers
  • ASU 2017-14 – Amendments to SEC Paragraphs in Topic 220, Topic 605, and Topic 606
  • ASU 2018-18 – Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
  • ASU 2020-02 – Financial Instruments – Credit Losses (Topic 326) and Leases (Topic 842) – Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and update to SEC Section on Effective Date Related to Accounting Standards Update No. 2016-02, Leases (Topic 842)

If you have any questions about this update you can contact us here.

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Lauren Williams
Lauren Williams | Partner