12 Days of SSAP (SSAP No. 65, Property and Casualty Contracts)

SSAP No. 65, Property and Casualty Contracts (SSAP 65), was revised to require additional and expanded disclosures for high-deductible contracts. The additional disclosures are to be made by line of business and include disclosures of gross reserves, amounts overdue, collateral and deductible amounts for the highest 10 high deductible policies gross of collateral.

12 Days of SSAP (SSAP No. 26R, Bonds)

SSAP No. 26R, Bonds (SSAP 26R), was revised to clarify inconsistencies between the annual statement instructions and SSAP 26R. The revisions require losses from the other-than-temporary impairment of investments to be recorded to asset valuation reserve (AVR) and interest maintenance reserve (IMR) in accordance with the annual statement instructions.

12 Days of SSAP (Appendix A-791, Life and Health Reinsurance Agreements)

Appendix A-791, Life and health Reinsurance Agreements, was revised to contain provisions which provide that a reinsurance agreement constitutes the entire agreement between the parties with respect to the business being reinsured and that there are no understandings between the parties other than as expressed in the agreement.

12 Days of SSAP (Unpaid Claims, Losses and Loss Adjustment Expenses)

Disclosures about Short-Duration Contracts was issued in May 2015 and makes improvements to existing disclosures under U.S. GAAP for insurance entities that issue short-duration contracts. ASU 2015-09 was rejected for statutory reporting, however, revisions were made to conform statutory disclosures not originally in SSAP No. 55 and SSAP No. 65.

12 Days of SSAP (INT 17-01 – Extension of 90-day rule)

Extension of Ninety-Day Rule for the Impact of Hurricane Harvey, Hurricane Irma and Hurricane Maria (INT 17-01): INT-17-01 grants a 60-day extension to the 90-day rule for those directly impacted by Hurricanes Harvey, Irma and Maria, not to extend beyond February 15, 2018.

12 Days of SSAP – SSAP No. 69 – Cash Flow

SSAP No. 69 – Statement of Cash Flows was revised to adopt ASU 2016-18 to reduce the difference between statutory and US GAAP on cash flow classifications. In the revision, restricted cash and cash equivalents are no longer reported as…

12 Days of SSAP -SSAP No. 35R Guaranty Fund and Other Assessments

Issue Paper No. 143R—Guaranty Fund Assessments: Revisions document substantive changes adopted to SSAP No. 35R—Guaranty Fund and Other Assessments related to assessments for insolvencies of entities that wrote long-term care insurance. The revisions allow expected renewals …

12 Days of SSAP – Changes to Bond ETFs

SSAP No. 26R, Bonds, was revised to incorporate bond exchange traded funds. Effective December 31, 2017, each insurance company must make a one-time election to choose to record bond ETFs at fair value or use systematic value. If fair value is elected, the investments will be recorded at market value immediately. If systematic value is elected, insurers will use their existing method…