An insurance regulatory services firm dedicated to providing statutory training and consulting services to insurance companies and regulators
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- Homer Leonard
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1 An insurance regulatory services firm dedicated to providing statutory training and consulting services to insurance companies and regulators
2 Millennium Consulting Services Brian Neader, CPA, FLMI Director, Consulting Services Over 30 years of insurance accounting and reporting, auditing, and consulting experience Positions held include CFO, Controller, Internal Audit Director, Director of Financial Reporting and Compliance, and Senior Manager of Insurance Industry Consulting Services Statutory and GAAP Life & Health, Property & Casualty, and Healthcare companies, large to small, public and private Contact:
3 NAIC Update Agenda Financial Regulation Accounting Statutory Accounting Principles Working Group Financial Regulation Reporting Blanks Working Group Financial Regulation Risk-Based Capital Various RBC Working Groups Financial Regulation Investments Valuation of Securities Task Force Financial Regulation Other Financial & Regulatory Issues Group Solvency Issues Working Group (ORSA) Reinsurance Task Force
4 FINANCIAL REGULATION - ACCOUNTING
5 ADOPTED REVISIONS TO AP&PM (SSAPs)
6 Adopted Revisions to AP&PM (SSAPs) No substantive revisions adopted in 2015 so far Numerous nonsubstantive revisions adopted Ref. No. Description Related SSAP Treatment of Non-Cash Items in Cash Flow Statements Accounting for Investments in Qualified Affordable Housing Projects Medicare Advantage and Medicare Part D and Risk Adjustment Premium Receivables and Payables Asbestos and Pollution Reinsurance Reporting Exceptions Presentation of Financial Statements Going Concern ASU & ASU Classification of Mortgage Loans Upon Foreclosure Disclosures Related to PBR Framework Implementation SSAP No. 69 Statement of Cash Flow SSAP No. 93 Accounting for Low Income Housing Tax Credit Property Investments SSAP No. 54 Individual and Group Accident and Health Contracts SSAP No. 62R Property and Casualty Reinsurance SSAP No. 1 Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures SSAP No. 4 Assets and Nonadmitted Assets SSAP No. 48 Joint Ventures, Partnerships, and Limited Liability Companies SSAP No. 68 Business Combinations and Goodwill SSAP No. 97 Investments in Subsidiary, Controlled, and Affiliated Entities SSAP No. 36 Troubled Debt Restructuring SSAP No. 37 Mortgage Loans SSAP No. 40R Real Estate Investments SSAP No. 61R Life, Deposit-Type Contracts and Accident and Health Reinsurance
7 Adopted Revisions to AP&PM (SSAPs) Nonsubstantive revisions adopted (Continued) Ref. No. Description Related SSAP Protected Cell Reporting SSAP No. 74 Accounting for the Issuance of Insurance-Linked Securities Issued by a Property and Casualty Insurer Through a Protected Cell SSAP No. 11 Disclosures SSAP No. 11 Postemployment Benefits and Compensated Absences ASU Not-for-Profit Entities Services Received from Personnel of Affiliates ASU Health Care Entities, Measuring Charity Care ASU Income Statement Extraordinary and Unusual Items SSAP No. 25 Accounting and Disclosures about Transactions with Affiliates and Other Related Parties SSAP No. 54 Individual and Group Accident and Health Contracts SSAP No. 24 Discontinued Operations and Extraordinary Items ASU Reporting Discontinued Operations SSAP No. 24 Discontinued Operations and Extraordinary Items Technical Edits to AP&PM Various SSAPs Wholly-Owned Real Estate Mortgage Loan Encumbrances Update A-821 for 2012 Individual Annuity Mortality Table SSAP No. 68 Paragraph 7 Clarification on Goodwill Limitation SSAP No. 40R Real Estate Investments Placement Revisions to AP&PM Issue Papers in AP&PM Appendix A-821 Annuity Mortality Table for Use in Determining Reserve liabilities for Annuities SSAP No. 68 Business Combinations and Goodwill
8 Adopted Revisions to AP&PM (SSAPs) Nonsubstantive revisions adopted October 19 Ref. No. Description Related SSAP Prepayment Penalties & Amortization on Callable Bonds ASU Practical Expedient for the Measurement Date of an Employer s Defined Benefit Obligation and Plan Assets Foreign Currency Translation for Canadian Insurance Operations SSAP No. 26 Bonds, Excluding Loan-Backed and Structured Securities SSAP No. 92 Accounting for Postretirement Benefits Other Than Pensions SSAP No. 102 Accounting for Pensions SSAP No. 23 Foreign Currency Translations and Transactions Title Note 25 and SSAP No. 55 SSAP No. 55 Unpaid Claims, Losses and Loss Adjustment Expenses Premium Adjustments Subject to Redetermination SSAP No. 107 Accounting for the Risk-Sharing Provisions of the Affordable Care Act Application of Equity Method SSAP No. 97 Investments in Subsidiary, Controlled, and Affiliated Entities
9 Nonsubstantive Revisions SSAP No. 1 - Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures/SSAP No. 4 - Assets and Nonadmitted Assets Ref. No Presentation of Financial Statements- Going Concern Adopted revisions that: Incorporates ASU , Presentation of Financial Statements Going Concern Requires reporting entities to evaluate and disclose whether there is substantial doubt about entity s ability to continue as going concern Make disclosures when substantial doubt exists Effective December 31, 2016 consistent with U.S. GAAP effective date Early application permitted
10 Nonsubstantive Revisions SSAP No. 1 - Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures/SSAP No. 4 - Assets and Nonadmitted Assets Ref. No Presentation of Financial Statements- Going Concern Also impact SSAP Nos. 48/68/97 Adopted revisions to nonadmit investments in related affiliate holdings If audited financial statements include management s assessment that there is substantial doubt about entity s ability to continue as going concern
11 Nonsubstantive Revisions SSAP No Postemployment Benefits and Compensated Absences Ref. No SSAP No. 11 Disclosures Adopted revisions that delete certain disclosures pertaining to defined benefit and defined contribution plans Adds reference to complete SSAP 92 - Accounting for Postretirement Benefits Other Than Pensions disclosures If entity is providing special contractual termination benefits Compensation provided under ongoing plan to individuals that have severed their employment relationship Termination benefits typically classified as contractual, one-time, special and other postemployment
12 Nonsubstantive Revisions SSAP No. 25 Accounting for and Disclosures about Transactions with Affiliates and Other Related Parties Ref. No ASU Not-for-Profit Entities Services Received from Personnel of Affiliates ASU to address diversity in practice regarding recognition of services provided by personnel of an affiliate, when provided at no charge to a non-for-profit affiliated entity Previously exposed to reject ASU as it is specific to not-for-profit, but enhanced disclosure for ALL related-party service contracts being considered New agenda item (Ref. No.) will be opened to expose revisions to clarify guidance and expanded disclosures for services at no charge
13 Exposed Nonsubstantive Revisions SSAP No Bonds, Excluding Loan-Backed and Structured Securities Ref. No Prepayment Penalties & Amortization on Callable Bonds Previously exposed nonsubstantive revisions to SSAP No. 26 to: Incorporate guidance for continuously callable bonds to clarify yield-to-worst concept, including when to expense premium Amortization based on call schedules should be compared to standard amortization to determine lowest asset value Revise measurement method for bonds with make-whole call provisions Currently yield-to-worst guidance includes exception for bonds with make-whole call provisions Revision removes exception
14 Exposed Nonsubstantive Revisions SSAP No. 92 Accounting for Postretirement Benefits Other Than Pensions and SSAP No. 102 Accounting for Pensions Ref. No ASU Practical Expedient for the Measurement Date of An Employer s Defined Benefit Obligation and Plan Assets Exposed revisions to SSAP Nos. 92 and 102 to adopt ASU with modification Adds language to include explicit guidance regarding interim remeasurement of plan assets and benefit obligations due to a significant event Staff does not support utilizing mid-year remeasurement as basis for year-end reporting balances as year-end measurement date is already required in 92 and 102
15 Nonsubstantive Revisions SSAP No. 68 Business Combinations and Goodwill Ref. No SSAP No. 68 Paragraph 7 Clarification on Goodwill Limitation Questions raised on goodwill limitation test Some companies broadly interpreting acquiring entity s capital and surplus to complete acquisitions at holding company or ultimate parent, or consolidated, level Then using capital and surplus from acquiring entity to determine amount of goodwill admitted at each reporting entity NAIC staff believes contrary to original intent and approach to calculate goodwill limitation test at reporting entity s capital and surplus Adopted nonsubstantive revisions to be more explicit that goodwill limitation test be done at the individual reporting company level, not at the consolidated level
16 Exposed Nonsubstantive Revisions SSAP No. 23 Foreign Currency Transactions and Translations Ref. No Foreign Currency Translation for Canadian Insurance Operations Question raised regarding treatment of translation of Canadian vs. other foreign transactions Canadian translation allowed optionality to be reported in single line 22 on Asset page if less than 10% of financials, or line-by-line Created out of belief that non cost effective to translate each line for immaterial Canadian insurance operations Other currency translations required to be reported line-by-line Exposed nonsubstantive revisions to clarify optional accounting treatment for Canadian translations Requesting comments whether further research should be completed to revise annual statement to aid in eliminating cross check failures from translations Requesting comments whether additional language needs to be added to clarify reporting of balances if method used changes from the prior year
17 Exposed Nonsubstantive Revisions SSAP No. 97 Investments in Subsidiary, Controlled, and Affiliated Entities Ref. No Application of Equity Method Questions regarding paragraphs of SSAP 97 and application of equity method Paragraphs combine general guidance with separate guidance for specific methods (STAT or GAAP) With overlap between paragraphs, unclear on intended differences Exposed nonsubstantive revisions to clarify guidance in paragraphs 10-12
18 SUBSTANTIVE REVISIONS EXPOSED
19 Exposed Substantive Revisions to AP&PM Ref. No. Description Related SSAP Investment Review/Classification Project Various investment SSAPs Holder of Surplus Notes SSAP No. 41 Surplus Notes Sale-Leasebacks with Nonadmitted Assets Nonadmitted Assets and Application of SAP Guidance Non-Recourse Charity Notes SSAP No Leases SSAP No. 97 Investments in Subsidiary, Controlled and Affiliated Entities
20 Exposed Substantive Revisions Investment Classification Project Ref. No Investment Review Project Previously exposed discussion documents to assist with consideration of revisions: Include a definition for security in SSAP No. 26 Limiting scope of SSAP No. 26 to investments that have a contractual amount of principle due ETFs and Mutual Funds would no longer be in scope New SSAP to address accounting for funds Analysis of exchange-traded fund (ETF) investments approved for reporting as bonds or preferred stocks Definitions of non-bond items
21 Exposed Substantive Revisions Ref. No Investment Review Project WG directing staff to proceed with including definition of security (using GAAP definition), as well as definitions for specifically noted terms, into Issue Paper detailing revisions to SSAP No. 26 Specifically noted terms Investment Classification Project Yankee Bonds, ADRs, Zero Coupon Bond, Loan Participation, Loan Syndications, Convertible Securities WG agreed to expose Blackrock comment letter regarding proposed calculation using a modified amortized cost valuation method for ETFs
22 Exposed Substantive Revisions Investment Classification Project Ref. No Investment Review Project NAIC staff expects revised accounting treatment to: Appropriately bifurcate investments by type Will create better transparency about investments held Eliminate inconsistencies in how amortized cost is calculated for investments with no contractual amount of principal due; Allow risk of investment type and related RBC charge to be better determined for each investment type Working Group believes that moving certain investments into new SSAP with new guidance not impact state investment law limitation requirements Limitations based on investment type and not SSAP classification
23 Exposed Substantive Revisions Ref. No Holders of Surplus Notes Previously exposed substantive revisions regarding measurement method for Non-rated surplus notes SSAP No. 41 Surplus Notes Surplus notes with a designation below NAIC 1 Working Group believed prior guidance outdated and reporting in schedule BA needs to be updated
24 Exposed Substantive Revisions SSAP No. 41 Surplus Notes Ref. No Holders of Surplus Notes Changes clarify that surplus notes: With CRP rating equivalent to NAIC 1 rating reported at amortized cost Not rated by CRP or with CRP rating other than equivalent to NAIC 1 rating (2 through 6) Reported at lower of amortized cost or fair value This latter lower of proposed guidance eliminates current concept of reporting surplus note at outstanding face value or calculated amount based on statement factor depending on size of entity issuing note
25 Exposed Substantive Revisions Ref. No Holders of Surplus Notes Revisions also clarify that SSAP No. 41 Surplus Notes Fair value fluctuations, or moving from amortized cost to fair value, should be reported as unrealized gains or losses in surplus If issuer under regulatory action, reported as nonadmitted assets Working Group directed NAIC staff to draft Issue Paper which has been exposed (No. 151)
26 Exposed Nonsubstantive Revisions Ref. No Sale-Leasebacks with Nonadmitted Assets Previously exposed substantive revisions requesting comments on issues with sale-leasebacks Including questions about what property means in section of SSAP No. 22 that addresses sale-leaseback transactions Agenda item developed to SSAP No. 22 Leases Clarify history and intent of existing guidance for sale-leaseback transactions Request consideration on whether non-admitted, non-real estate assets should be permitted for sale-leaseback accounting Concerns that current guidance allows for possibility to arbitrarily remove nonadmitted assets to temporarily improve surplus WG deferred as FASB project on leases expected to be issued shortly
27 Exposed Substantive Revisions SSAP No. 97 Investments in Subsidiary, Controlled and Affiliated Entities Ref. No Nonadmitted Assets and Application of SAP Guidance Previously exposed nonsubstantive revisions, moved to substantive, that requests comments on issues with reporting of investments in SCA entities. Issues generally relate to whether valuation of SCAs should be adjusted on insurers books to reflect accurate and complete statutory basis of accounting Specific issue that entities can transfer nonadmitted assets into non-insurance SCA thereby improving surplus of entity and increasing investment in SCA. Industry recommends that SSAP 97 include consideration of guidance in SSAP No. 25 Accounting for and Disclosures about Transactions with Affiliates and Other Related Parties, but confusion on application Specific issue that STAT equity reported by insurance SCA may be impacted by state permitted or prescribed practices different from NAIC, and impact not detailed/disclosed in reporting entity financial statements as they only report investment in SCA. Revisions will propose to explicitly require disclosure when reported value in insurance SCA was impacted by a permitted or prescribed practice Specific issue that adjustments required for non-insurance SCAs meeting revenue and activity test for statutory accounting adjustments only detail specific changes required to determine carrying value of SCA; however, these adjustments do not reflect a full statutory basis of accounting for SCA Working Group directed NAIC staff to draft proposed guidance reflecting industry comments on what is currently occurring and recommended action
28 NONSUBSTANTIVE REVISIONS EXPOSED
29 Exposed Nonsubstantive Revisions to AP&PM Ref. No. Description Related SSAP Measurement Method for NAIC 5 Designations SSAP No. 26 Bonds, Excluding Loan-Backed and Structured Securities Policy Statement Revisions Membership and Roles of SAPWG Quarterly Reporting of Restricted Assets and Investment Schedules Clarification of Accounting Treatment for Fees Incurred for Salvage/Subrogation Recoveries SSAP No. 1 Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures SSAP No. 55 Unpaid Claims, Losses, and Loss Adjustment Expenses Prepayment Penalties SSAP No. 26 Bonds, Excluding Loan-Backed and Structured Securities SSAP No. 97 Inclusion of Filing Guidance SSAP No Investments in Subsidiary, Controlled, and Affiliated Entities Quarterly Reporting of Investment Schedules Aging and Revenue Recognition of Multi-Peril Crop Policies Insurance-Linked Securities (ILS) Proposed Disclosure Regarding High Deductible Policies SSAP No. 78 Multiple Peril Crop Insurance SSAP No. 65 Property and Casualty Contracts Variable Annuity Captive Disclosure SSAP No. 61R Life, Deposit-Type and Accident and Health Reinsurance ASU Financial Services Insurance Disclosures about Short-Duration Contracts SSAP No. 55 Unpaid Claims, Losses and Los Adjustment Expenses SSAP No. 65 Property and Casualty Contracts
30 Exposed Nonsubstantive Revisions SSAP No. 26 Bonds, Excluding Loan-Backed and Structured Securities and SSAP No. 43R Loan-backed and Structured Securities Ref. No Measurement Method for NAIC 5 Designations Comments on measurement method allowed for AVR filers that hold investments considered to be lowest-credit quality Likelihood of significant impairment given any adverse business, financial, or economic condition NAIC 5 suggests high probability of default Exposed nonsubstantive revisions to require investments covered by SSAP 26 and 43R held by an AVR filer with NAIC 5 designation, to be reported at lower of amortized cost or fair value
31 Exposed Nonsubstantive Revisions SSAP No. 1 Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures Ref. No Quarterly Reporting of Restricted Assets and Investment Schedules Regulator comments regarding limited quarterly reporting of restricted assets Quarterly general interrogatory not as robust as annual Disclosure requirement in SSAP 1 only required annually Previously exposed nonsubstantive revisions to Require disclosure of restricted assets in all interim and annual statements Require info on admitted and nonadmitted restricted assets Require and info on stock restrictions (currently provided in annual general interrogatory) Also proposed that Working Group expose a proposal to possibly sponsor blanks revisions to incorporate full investment schedules within interim statements (see Ref. No )
32 Exposed Nonsubstantive Revisions SSAP No. 55 Unpaid Claims, Losses, and Loss Adjustment Expenses Ref. No Clarification of Accounting Treatment for Fees Incurred for Salvage/Subrogation Recoveries Exposed nonsubstantive revision to clarify the reporting of fees paid to collect salvage and subrogation Recommends consistent reporting for both fees paid to TPAs or incurred in-house using internal resources Inconsistency in reporting some net fees paid to TPA with recoveries, while those that use internal resources report in Adjusting and Other LAE
33 Exposed Nonsubstantive Revisions SSAP No. 26 Bonds, Excluding Loan-Backed and Structured Securities Ref. No Prepayment Penalties and Presentation of Callable Bonds Bifurcated from Re. No Exposed 3 options for accounting and reporting of prepayment penalties Investment income (current accounting treatment) Realized capital gains, subject to IMR Realized capital gains, excluded from IMR
34 Exposed Nonsubstantive Revisions Ref. No Quarterly Reporting of Investment Schedules Concept exposure requesting comments on consideration of collecting full investment schedule information (or limited details of all investments) in quarterly statements AP&P Manual does not prescribe guidance limiting investment schedules to annual statements If supported, would be implemented by Blanks WG
35 Exposed Nonsubstantive Revisions SSAP No. 65 Property and Casualty Contracts Ref. No Proposed Disclosure Regarding High Deductible Policies Response to referral from FAWG Increasing credit risk for amounts recoverable from policyholders under high deductible policies Including recoverables from policyholders that use professional employer organizations (PEO s), which have possibility of concentrating credit risk PEO becomes a co-employer specializing in HR managements and can include providing workers comp - credit risk can be high Exposed disclosure revisions from FAWG recommendation: Disclosing list of top ten debtors under high deductible policies including receivables, collateral, and balances over 90 days Disclosing unsecured amounts by debtor, including if debtor is part of group if aggregate unsecured recoverables are > 3% of surplus
36 Exposed Nonsubstantive Revisions Ref. No ASU Financial Services Insurance Disclosures about Short-Duration Contracts Targeted improvements to existing disclosure requirements for companies that issue short-duration contracts to Increase transparency of significant estimates of liability for unpaid claims and claim adjustment expenses Improve comparability with consistent disclosure of information Facilitate analysis of amount, timing and uncertainty of cash flows Existing requirements in SSAP No. 55 Unpaid Claims, Losses and Loss Adjustment Expenses and SSAP No. 65 Property and Casualty Contracts Exposed nonsubstantive item to request comments from regulators and industry on GAAP disclosures for short-duration contracts and whether revisions to statutory accounting disclosures should be considered
37 Exposed Nonsubstantive Revisions Ref. No ASU Financial Services Insurance Disclosures about Short-Duration Contracts Effective for public companies annual after 12/15/15, interim after 12/15/16 All other cos. 12/15/16 and 12/15/17 Applied retroactively for comparative disclosure of each period New guidance Supplementary info Info about liability for unpaid claims and CAE - undiscounted claims development by accident year not to exceed 10 years For transition can disclose only 5 years if impracticable to do more Info about claims frequency and severity total IBNR plus expected development on reported claims included in liability, cumulative claim frequency unless impracticable, methodologies History of claims duration (excludes health) historical average % payout of incurred claims by age, net of reinsurance
38 Exposed Nonsubstantive Revisions Ref. No ASU Financial Services Insurance Disclosures about Short-Duration Contracts Revised guidance Info about amounts reported at present value Carrying amount of liabilities Range of interest/discount rates used Aggregate amount of discount Amount of interest accretion recognized Income statement line item where interest accretion is classified
39 Other Issues Restricted Asset Subgroup Repurchase Agreements Staff is drafting proposed disclosures for repurchase agreements regarding collateral and admitted asset requirements, and to clarify short-term restrictions Referral from VOSTF Requesting WG evaluate accounting and reporting impact (admitted asset standards) of removing SVO from application of 5*/6* (five-star/six-star designation to a security) Rule by allowing companies to provide similar certification in General Interrogatories Rule permits 5* or 6* designation to security if company certifies it lacks documentation necessary for SVO to analyze (credit analysis) and assign designation, but security is current with payments Under current AP&P Manual guidance, 5* and 6* securities receive same accounting treatment as similar lower-quality securities for which credit analysis has been completed (5 and 6 designations) Typically complex securities whose population has grown exponentially and SVO/SSG cannot perform adequate due diligence
40 FINANCIAL REGULATION FINANCIAL REPORTING
41 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Modify description for Line 15.3 of Asset Page to reference Contracts Subject To Redetermination. Adds reference to including contracts subject to redetermination in instructions for Liability, Summary of Operations and other supporting schedules and exhibits. Modify instructions to reflect inclusion of only cash transactions on Cash Flow Page. Reflects changes to SSAP No Statement of Cash Flows. Add instructions to U&I Exhibit, Part 2B, Column 10 regarding reporting of health care receivables. Clarifies that U&I Part 2B Line 10 Health Care Receivables equals Exhibit 3, Column 6 and 7. Applies To Ann Stmt Instr Qtrly Stmt Blank L, H, P, F, T Ann Stmt Instr Qtrly Stmt L, H, P, F, T Ann Stmt Instr Crosschecks H only
42 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Add instructions for Note 1 to reflect changes adopted to SSAP No.1 regarding going concern disclosures. Based on management s evaluation of reporting entity s ability to continue as going concern and consideration of management s plans to alleviate substantial doubt about entity s ability to continue as going concern. Add instructions and illustration for new disclosure for Note 5A - Mortgage Loans. Additional disclosures required by adoption of modifications to SSAP No Mortgage Loans. Modify instructions and add additional disclosures for Note 5G - Investments in LIHTC Reflect changes to SSAP No. 93. Applies To Ann Stmt Instr Qtrly Stmt L, H, P, F, T Ann Stmt Instr L, H, P, F, T Ann Stmt Instr L, H, P, F, T
43 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Add crosschecks to the illustrations data captured for Note 11B(2)b Debt/Federal Home Loan Bank agreements. Modification will clarify inclusion of Class A and B membership stock not eligible for redemption. Applies To Ann Stmt Instr Qtrly Stmt Crosschecks L, H, P, F, T Modify instructions and illustration for Note 12 - Retirement Plans. Reflect changes to SSAP No.11 - Postemployment Benefits and Compensated Absences. Modify instruction and illustration in Note 22 - Events Subsequent to reflect changes to disclosures for ACA as reflected in changes to SSAP No Proposal adds crosschecks to Five-Year Historical Page. Ann Stmt Instr L, H, P, F, T Ann Stmt Instr Crosschecks L, H, P, F
44 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Modify instructions for Schedule D Part 1, Column 1, CUSIP Identification and Column 2, Description. Proposal also adds new electronic columns for Issuer, Issue, SEDOL code, ISIN Identification and Capital Structure Code. Applies To Ann Stmt Instr L, H, P, F, T Allows SVO to find more securities in various data feeds. Modify instructions for Schedule A, Part 1 to reflect reporting real estate owned by LLC per SSAP 40R. Modify instructions and blank to eliminate Aggregate 2% Rule Column for Parts 1 and 2 of SHCE. Replace with column to capture Medicare Advantage Part C and Part D Stand Alone Plans no longer excluded by statute. Ann Stmt Instr L, H, P, F, T Ann Stmt Instr Blank L, H, P, F
45 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Remove form lists from barcode instructions in Annual Statement Appendix. Place on Blanks WG Web page. Moving list will eliminate need to list all statement types in proposals that add new forms to reporting. Add new supplement to collect data on Cybersecurity Insurance to obtain cybersecurity insurance data. Will assist the Cybersecurity TF in their charge of advising, reporting and making recommendations on cybersecurity issues. Applies To Ann Stmt Instr Qrtly Stmt L, H, P, F, T Ann Stmt Instr Blank P only
46 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Move definitions LOBs to Appendix for P&C instructions. Make definitions available to health companies filing the Property Supplement. Proposal will also add additional definitions for LOBs not found in Property Product Matrix and will bring all P&C LOB definitions to one place in annual statement instructions. Split Supplemental XXX/AXXX Reinsurance Exhibit, Part 2 into two new parts Part 2A (Grandfathered or Special Exemption and Part 2B, (Non-Grandfathered). Addresses additional changes to Actuarial Guideline 48 Regulation as it relates to XXX/AXXX reinsurance arrangements after supplement was adopted for Applies To Ann Stmt Instr H, P only Ann Stmt Instr Crosschecks L, H only
47 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Applies To Add reference to Cautionary Statement to be posted to Blanks WG web page: in header of SHCE Part 1; 1 st paragraph of Gen l Instructions for Parts 1,2, and 3; and header of instructions for Part 1 Ann Stmt Instr Blank L,H,P,F Add instructions to SHCE Part 2 to clarify reporting for retrospectively rated contracts lines (regarding rate credits) Add new table to SHCE Part 1 to capture 3R's receivables/payable and receipts/payments by state for individual and small group plans. Lines 6 through 9 of Part 1 to be moved from the second page of exhibit to 1st page to make room for the new table on the 2nd page Ann Stmt Instr Blank L,H,P,F Ann Stmt Instr Blank L,H,P,F
48 Financial Regulation Financial Reporting Adopted Items for 2015 Annual Statement Changed reference for G.I. Nos and 11.3 of G.I., Part 2 Health Interrogatories from Minimum Net Worth to Statutory Minimum Capital And Surplus Modified description for Line 3 of Five Year Historical Data page to match reference in Line 11 of G.I. Part 2 Modified instructions and illustrations for Note 32 - Analysis of Annuity Actuarial Reserves and Deposit Type Liabilities by Withdrawal Characteristics and Note 34 Separate Accounts Modification corrects inconsistencies between SSAP No Separate Accounts language and instructions regarding use of market value and fair value Applies To Ann Stmt Instr H Only Ann Stmt Instr L, F
49 Financial Regulation Financial Reporting Adopted Items for 2016 Annual Statement Modify question in Supplemental Exhibits and Schedules Interrogatories on filing Communication of Internal Control Related Matters Noted in Audit filing to reference being regulator only, nonpublic and to be file electronically with NAIC States request hard copy but would be more efficient if electronically filed with NAIC so every state could view and no longer burden each company with hard copy filings in each state Effective date: Annual 2016 Add instructions to include ACA section 9010 fee as a write-in for special surplus in accordance with SSAP 106 (ACA Section 9010 Assessment) To clarify fee is to be reported as a write-in for special surplus Effective date: 1 st Quarter 2016 Applies To Ann Stmt Blank L,H,P,F,T Ann Stmt Instr Qtrly Stmt Blank L,H,P,F
50 Financial Regulation Financial Reporting Deferred Item for Annual Statement Add new supplement with details of reinsurers aggregated on Schedule F, Part 3 Ceded Reinsurance and conforming modifications to the existing instructions in Schedule F, Parts 3 and 5 Provision for Unauthorized Reinsurance. Proposal also adds new disclosures to Note 23J and 23J(2) which will be data captured. Proposal will allow companies to aggregate asbestos and pollution reinsurers on Schedule F, Part 3 if certain criteria identified in paragraphs SSAP No. 62R Property and Casualty Reinsurance met. Applies To Ann Stmt Instr Blank L, H, P, F, T
51 Financial Regulation Financial Reporting Exposed Item for Annual Statement Add new supplement that will collect data related to terrorism risk insurance coverage required by April 1. Needed by regulators to better understand terrorism insurance market, including which insurers writing in each state and what LOBs Will assist in responding to requests from 3 rd parties, including Federal Insurance Office which is required to study impact of Terrorism Risk Insurance Program Applies To Ann Stmt Instr Blank L,H,P,F
52 Financial Regulation Financial Reporting Investment Reporting Subgroup Status Related to Blanks WG revision adopted to modify instructions for Schedule D Col. 1 (CUSIP) and Col. 2 (Description) and adding new electronic columns for Issuer, Issue, SEDOL code, ISIN Identification and Capital Code Structure Discussed keeping or eliminating Description Col. 2 in light of new electronic columns Staff drafting survey for regulators and industry to complete Discussed identification/codes for foreign securities on Schedule D Part 1 being inconsistent with foreign on Summary by Country Discussed Schedule D Part 1A (Annual) and Part 1B (Quarterly) footnote for non-rated short-term investments (DA) and cash equivalents (E Part 2) Lack of instructions, confusion over original intent and if long-term bonds should be included Possibly change non-rated to undesignated since NAIC does not rate, just designates
53 FINANCIAL REGULATION RISK-BASED CAPITAL
54 2015 RBC Changes Adopted RBC Jurat signature requirement Update of the Receivables for Securities Factor Description of Change Operational Risk Factors - Informational Purposes Only Additional wording for ACA fee Sensitivity Test instructions Added Info purposes only Experience Fluctuation Risk (adopted for Health in 2014) breaks out individual/small group/large group health plans, and, Medicare/Medicaid/Other Health. To analyze ACA impact Added Sensitivity Test adjusts TAC for either receivable/payable for ACA risk adjustment and risk corridor programs (adopted for Health in 2014). To identify/analyze impact ACA mis-estimation Revision to Asset Valuation Reserve for Life subs instruction (XR025/PR029) Revisions to Occurrence Exceedance Probability(OEP) factors to allow computation of Cat RBC charges PR027 Revised cat contingent credit risk charge for modeled reinsurance recoverables PR027 (Cat risk charge for EQ and Hurr - info purposes only) Revision to PRO27 interrogatories to determine exemption from completing Added PRO12A (Credit Risk for Receivables) info purposes only to analyze potential impact based on using credit risk proposal from RAA for reinsurance recoverables Change to the code for Affiliated Bonds and Stocks PROO3/3A Updated Industry Avg. Development Ratios by Sch. P LOB - PR017/18 - U/W risk reserves, premiums Formulas Affected All All All All Life/P&C/ Fraternal Life/P&C/ Fraternal Health/P&C P&C P&C P&C P&C P&C P&C
55 2015 RBC Changes Adopted Description of Change Additional wording to Line 1.1 on LR027 as part of XXX/AXXX Reinsurance Framework Additional line to LR031 Calculation of ACL as part of XXX/AXXX Reinsurance Framework Additional schedule which shows RBC shortfall in relation to XXX/AXXX Reinsurance Framework Revision to simplify RBC charge (fixed 30% of CV) for ownership of investment subsidiaries - XR003 Formulas Affected Life Life Life Health
56 RBC - Items Under Discussion P&C RBC Working Group Change to RBC charge for ownership of investment subs (same as Health adoption) Life RBC Working Group Derivatives collateral proposal from Northwestern Mutual Health RBC Working Group U/W Other column should include life and P&C business written by health companies Excessive growth charge for start-ups Medicaid Pass-Through Payments Survey Results Analysis of 2014 ACA RBC data
57 RBC - Items Under Discussion Investment RBC Working Group AAA proposal to expand # of rating classes on corporate bonds held by Life insurers from 5 to 13 (increased granularity) AAA recommending using corporate bond factors for certain non-corporate bonds (e.g., municipals) Reviewing factors for Schedule BA assets (Other Invested Assets) Recommendation to revise Real Estate RBC factor Assets concentration factors tool does not exist to aid in accurately identifying related issuers, size factor does not address credit quality
58 FINANCIAL REGULATION - INVESTMENTS
59 Financial Regulation - Investments Valuation of Securities Task Force Investment Classification Project SAPWG initiated project to review and propose changes to all investment SSAPs VOSTF/SVO in order for SVO to perform appropriate analysis, need to know if there is contractual amount of principal due SVO Stat accounting framework must incorporate sufficient investment concepts so it is clear what guidance applies to different types of instruments SVO and SSG must not assign designations to instruments that are not known within stat accounting and reporting framework Insurance companies should not file securities with SVO unless they are clear on what stat accounting guidance applied
60 Financial Regulation - Investments Valuation of Securities Task Force Proposed change to annual P&PM publication instead of twice a year, with interim changes on SVO website Request to clarify definition of structured securities in 5*/6* special reporting instructions Reviewing recommendation to modernize rules that govern how insurers file securities with SVO for valuation Reviewing Derivative Instruments Model Regulation Reviewing expansion of approved banks on NAIC Bank List (for LOC s, etc.). Noted that default rate associated with non-banks not significantly greater than banks
61 FINANCIAL REGULATION OTHER FINANCIAL & REGULATORY ISSUES
62 Group Solvency Issues Working Group Adopted 2014/2015 ORSA Feedback Pilot Project Report (3 rd of Three) 29 states have adopted Risk Management and Own Risk and Solvency Assessment Model Act (#505). 8 states in process of adopting. 13 states no action to date Most adopting states will require 1 st ORSA Summary Report to be filed by end of key observations from pilot project reports Generally in compliance with requirements Reflective of maturity of risk management within applicable group Life industry more mature Key aspect is need to effectively discuss risk management relative to business strategy and how risk management is used to effectuate strategy
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