NAIC Summer 2016 National Meeting Update

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1 NAIC Summer 2016 National Meeting Update By: Diana Gallinger Product Owner, NAIC, Clearwater Analytics Robert Lindsay Insurance Reporting Manager, Clearwater Analytics Valuation of Securities Task Force Special Session (VOSTF) Pg. 2 Special session held by VOSTF dedicated to discussing infrastructure investments effecting the US economy as a whole and providing long-term solutions to improve processes. Statutory Accounting Principles Working Group (SAPWG) Pg. 3 Dedicated to maintaining accounting principles and providing periodic updates to guidance as it develops. Their work is specifically related to discussions that result in changes to the Accounting Practices and Procedures Manual (AP&P Manual) and related SSAPs. Blanks Working Group and Investment Reporting Subgroup (BWG) Pg. 5 Addresses changes made to the annual statement blanks and instructions, including technical changes and clarifications. Valuation of Securities Task Force (VOSTF) Pg. 6 Dedicated to designations, valuations, and the Securities Valuations Office (SVO) filing process as outlined in The Purposes and Procedures Manual (P&P Manual) of the NAIC Investment Analysis Office.

2 The NAIC held their Summer 2016 National Meeting from August in San Diego, California. Clearwater Analytics is dedicated to keeping insurers up-to-date on the latest regulatory guidance changes as they pertain to investment accounting and reporting. Our insurance experts attend each NAIC national meeting to monitor regulatory updates and provide proactive education on adopted and proposed items. Valuation of Securities Task Force Special Session The Valuation of Securities Task Force (VOSTF) met in a special session to discuss infrastructure investments. The meeting consisted of presentations by the ACLI, Moody s, S&P Ratings, several consulting firms, as well as five of the largest insurers in the United States. The NAIC recognizes that infrastructure investment is an issue affecting the US economy as a whole. As such, they have made this project a top priority, and other projects may be delayed in the interest of moving forward. Note: the term infrastructure in this conversation is defined more broadly than the traditional sense of transportation; the VOSTF included the need for investment in utilities such as power and water delivery, power generation, communications infrastructure, as well as social infrastructure (such as health care and education facilities). Suggested Changes At this point, the NAIC is still in a discovery phase and no specific changes have been exposed. However, several changes meant to encourage investment in infrastructure may arrive in the coming years. Changes will likely be targeted towards life insurers first, since life insurers portfolios have larger durations, which eases the process of longterm infrastructure investments. In addition, life insurers do not receive the same tax benefits when investing in municipal bonds as P&C insurers. Even without the tax complication for life insurers, the supply of municipal bonds is sometimes insufficient to provide for an area s infrastructural needs due to institutional reluctance to taking on more debt, the effects of withdrawing too much funding at once, and revenue restraints on taxation. Build America Bonds, Private Activity Bonds, and other solutions have been implemented in the past to address this problem, but they were smaller in scope and never deployed as a long-term solution. Two changes were suggested during the meeting: 1. Revision of the SVO s analysis processes to acknowledge different risk factors for infrastructure investments 2. Adjustments of RBC factors for investments in infrastructure. This is primarily on Schedule D-1 assets but could also include Federal Home Loan Bank collateral, collateral loans, and investments structured as partnerships. These would likely be referred to the Capital Adequacy Task Force and the Investment Risk- Based Capital Working Group (IRBCWG). This is an item that insurance companies especially life insurers should monitor closely. It will likely impact RBC calculation in the coming years and could result in changes to filing requirements with the SVO and/or SVO analysis methodologies. 2

3 Statutory Accounting Principles Working Group The Statutory Accounting Principles Working Group (SAPWG) discussed changes to money market funds (MMFs), quarterly reporting, bond ETFs, and more. Money Market Funds as Cash Equivalents As part of the SEC s money market reform, MMFs will no longer maintain a stable net asset value (NAV) starting in October The SAPWG and the VOSTF reviewed how this new treatment would impact statutory accounting. They decided Class One Mutual Funds are required to maintain a stable NAV. In response, the NAIC agreed that Class One Money Market Mutual Funds will be eliminated and a new category titled Other Money Market Mutual Funds will be added to Schedule DA, effective September However, now that they re under the microscope, Industry argued that MMFs function more like cash equivalents than bonds, are generally treated like cash equivalents for GAAP reporting, and should be reclassified to the Schedule E Part 2, Cash Equivalents. As MMFs are a highly liquid investment that can be immediately redeemed for cash, classification as a short-term investment with instruments that have stated maturities of up to a year on Schedule DA seems less appropriate. This change would eliminate a GAAP or STAT reporting difference for many insurance companies reporting on a GAAP basis. The SAPWG moved this item to the substantive active listing and exposed revisions to SSAP No. 2 to reclassify MMFs from short-term investments to cash equivalents, with a prospective application as of January 1, We expect industry will strongly support this proposal, assuming SAPWG maintains the 0% RBC charge for government MMFs. For 2016 reporting, MMFs should continue to be reported on Schedule DA. Bond ETFs SAPWG continues to discuss the bond ETF project, and Industry disagrees on how to properly classify bond ETFs. During the NAIC Spring 2016 National Meeting, the SAPWG asked for comments on what the calculation for book/adjusted carrying value (amortized cost; also called systemic value or fair value) should be. In addition, it was suggested that each company could choose how to calculate the systematic value if they had a documented approach their regulators could follow. As requested, they received comments on this topic from Interested Parties, ETF providers, and investment accounting software vendors. ETF providers remain strong in their opinions that bond-approved ETFs should be reported using a systematic value, but they were not opposed to an option for fair value. During the NAIC 2016 Summer National Meeting, ETF providers co-presented to reiterate their point. They also agreed with the software vendors comments expressing concern with the concept of multiple systemic value calculations. ETF providers and software vendors asserted that the calculation should be unified and vetted by the NAIC and Industry. ETF providers also gave responses to implementation questions posed by software vendors last November, and those responses are available for comment on the SAPWG s website. The SAPWG discussed this issue and allowed insurers to speak on behalf of their proposal. The NAIC still feels there are too many unknown variables to move forward with the proposal. The SAPWG directed NAIC staff to prepare an issue paper to require measurement at fair value for bond-approved ETFs and bond mutual funds in the scope of SSAP No. 26, unless they chose to use a domiciliary stateapproved documented systematic value. Additionally, the SAPWG sent referrals to the Capital Market Bureau and the VOSTF to review and comment. Revisions to Disclosures Required by SSAP No. 26 The revised disclosures require the book/adjusted carrying value, fair values, and excess of book/ adjusted carrying value to be over fair value of securities categorized as bonds. Questions were 3

4 received by NAIC staff on whether these disclosures were meant to include only securities applicable to SSAP No. 26 or the broader category of all securities applicable to the Schedule D, including SSAP No. 43R Loan-Backed and Structured Securities. Staff received additional questions on which securities should be included in disclosure 21.f, which groups securities by maturity distributions. There is Industry confusion regarding whether the securities from Schedule DA or Schedule E Part 2, Cash Equivalents should be included. Staff noted that disclosure 21.f was intended to be a high-level snapshot of the Annual Statement Schedule D Part 1A, which captures granular maturity buckets and thus should include all applicable bond categories. Staff also exposed a revision that would make SSAP No. 26 clear regarding which securities are required to be included within the scope of the SSAP No. 26 disclosures. Questions were received on whether redemptions and paydowns should be included as part of disclosure 26.g, which instructs insurers to disclose proceeds received from bond sales and gross realized gains and losses on such sales. Staff recommended that maturities, paydowns, and other redemptions should be reflected as part of the proceeds on the securities and their recommendation and revisions were exposed. Changes to Quarterly Reporting The NAIC and state regulators often struggle to compile and analyze mid-year holdings data due to the amount of work required to roll-forward prior-year activity to the current year. The SAPWG suggested three possibilities for improving processes: 1. The NAIC could hire a consultant to develop new systems to aggregate information and streamline processes. This was dismissed as too costly to implement. 2. A new holdings schedule could be created for the CUSIP, par value, book/adjusted carrying value, and fair value fields with the quarterly acquisition and disposal schedules. Industry was against this, as it would require additional work from them every quarter. Those who fill out the investment schedules manually would have additional cumbersome processes, and even investment accountants with automated solutions would be required to integrate more review and reconciliation into their workflows. 3. Replacing Schedule D Parts 3 and 4 with a Schedule of Owned Holdings (similar to option 2) was another suggested option to streamline quarterly filings. State regulators provided feedback, stating Schedule D Parts 3 and 4 are vital to their analysis and they were strongly opposed to this option. The SAPWG decided to compromise with Industry and ask for the second option only at mid-year instead of quarterly. This means insurance companies will be required to file a Schedule of Owned Holdings with CUSIP, par value, book/ adjusted carrying value, and fair value at mid-year. The proposal has been exposed for a 45-day comment period. Reviewed Items and Updates to GAAP The SAPWG reviewed three items: Ref # ; Ref # ; and Ref # The first two listed were rejected as not applicable to statutory accounting, while the SAPWG is looking for feedback on Ref # Ref # : Measurement of Financial Instruments This proposal requested that equity securities with readily determinable fair value take changes in fair value through net income, essentially requiring them to classify as trading. Interested parties suggested 4

5 some of the smaller provisions be incorporated into SSAP No. 30 and SSAP No. 100, like guidance on securities without a readily determinable fair value or changes to fair value disclosures. The SAPWG reviewed these comments and determined equities without a fair value would be classed as level within the fair value hierarchy and no changes were necessary to existing fair value disclosures. The SAPWG rejected the standard as not applicable to statutory accounting. Ref # : Separation of Embedded Derivatives from Host Contracts The SAPWG reviewed ASU # , which primarily refers to convertible bonds. Statutory accounting does not allow separating these instruments, so the SAPWG exposed a revision to SSAP No. 86 to reject the standard as not applicable to statutory accounting. Ref # : Changes to Impairment Guidance for Fixed-Income Securities Current GAAP and STAT guidance has impairment taken at the time when it becomes probable that a loss has occurred. Financial statement users have expressed concern that expected but not yet probable losses are not reflected on financial statements. A different guidance for securities held at amortized cost (held-to-maturity assets) is offered and is classified as available-for-sale. The requirement to implement these revisions begins December 15, 2019, at the earliest (January 20, 2020 for insurers), but early adoption is permitted starting January 1, The SAPWG requested feedback from interested parties on all elements of the standard, including the difference between HTM and ASF assets, how to apply the new guidance for AVR filers, and to what extent GAAP and STAT measurement differences and inconsistencies will occur. Staff expects a new credit loss SSAP will be created, and INT concerning otherthan-temporary impairment will be nullified. Exposed Items SAPWG also exposed one item and adopted another concerning SSAP No. 86 Accounting for Derivative Instruments. SSAP No. 86 Accounting for Derivative Instruments Item # concerns the definition of notional amount within SSAP No. 86, as insurers are currently reporting that amount inconsistently. The SAPWG exposed two potential definitions: 1. Based on the type of contract (futures contract vs. non-futures contract) 2. Based on the type of the underlying item (par value of underlying fixed-income and the fair value of the underlying equity) Both definitions were exposed for a 45-day comment period and are available on the SAPWG s website. Item # was also adopted, which included swaptions (swap options) as a type of derivative instrument in SSAP No. 86. Blanks Working Group and Investment Reporting Subgroup The Blanks Working Group (BWG) focused on collateral type revisions and proposed reductions to collateral type options. Collateral Type Revisions The Investment Reporting Subgroup discussed reducing the number of collateral type options available on Schedule D Part 1 from 21 to The 21 distinct categories are not consistently reported by Industry, nor are they heavily utilized by regulators. The proposed revisions would condense many of the collateral types into either individual or commercial obligations and eliminate the need for specific asset type reporting (credit cards, auto, student loans, aircraft, etc.). During the revision of the proposed 8-10 collateral types, members of Industry pointed out that residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities 5

6 (CMBS) are reported as a NAIC-specific category and the collateral type designation for those securities is redundant and unnecessary. The Investment Reporting Subgroup referred this item to the VOSTF. The VOSTF indicated that there are no concerns with the proposed revisions and referred the issue back to the Investment Reporting Subgroup for further work. Valuation of Securities Task Force The Valuation of Securities Task Force (VOSTF) focused on the findings of the Reporting Exceptions Subgroup, proposed changes to RMBS and CMBS, clarification of treatment of DIPs, new adoptions, proposed changes to surplus notes, and more. Reporting Exceptions Subgroup The Reporting Exceptions Subgroup was created to investigate the large number of securities that are not included in the credit rating provider feeds sent to NAIC, yet still reported as filing exempt (FE). By definition, an FE security has been rated by one or more credit rating providers. Upon analysis, the NAIC found that the exceptions fell into six main categories: 1. Private Letter Ratings This is a contentious issue between Industry and the Subgroup. Privately placed securities comprise a large portion of Jumpstart exceptions because nondisclosure agreements prohibit nationally recognized statistical rating organizations (NRSRO) from disclosing private ratings to third parties. The NAIC does not currently have a mechanism in place to verify NRSRO ratings, and it has recommended that the VOSTF require insurers to file private letter ratings with the SVO or file documentation with the NAIC to obtain a designation. Industry pointed out that private ratings were originally scoped out of filing with the SVO when FE was established. Insurers continue to provide rating letters to regulators upon request, and Industry questions the necessity of filing rating letters directly with the NAIC. 2. Securities Dropped from or Never Included in CRP Data Feeds The SVO proposed an enhancement to their VISION (AVS+) application that would map the identifiers on the NRSRO s website to the SVO s identifier and resolve the exception. 3. Use of Bloomberg The NAIC gave a presentation with the goal of persuading Industry that Bloomberg is not an acceptable source to obtain CRP ratings and calculate NAIC FE designations for two reasons: Bloomberg does not capture ratings from all NAIC approved NRSROs Industry may use issuer ratings from Bloomberg, where NAIC designations are based on issue-level ratings. It is unclear whether there will be changes to the P&P Manual because of this exception. 4. Pre-Refunded Securities Per the P&P Manual, pre-refunded securities must be filed once (and not annually renewed) so the SVO can verify the pre-refunding agreement. Industry has not been following these practices and has raised concern about the cost of the initial filing ($1,500). This cost outweighs the work required by the SVO to verify the agreement. 5. Government Guarantees This is not a high priority. To reduce exceptions, three ideas have been proposed: Create a separate designation (1US) Create a new subcategory for governmentsponsored enterprises (GSE), as they are currently mixed with municipal governments Establish more explicit guidance in the instructions stating these securities should have a One NAIC rating, not 1FE 6

7 6. International Securities Using ISINs The majority of these exceptions should be addressed by the SVO adding ISIN to their VISION (AVS+) application. On August 31, a call was held for the Reporting Exception Subgroup to hear a brief presentation on the issues and discuss next steps. Clarifying Treatment of DIPs Debtor-in-possession (DIPs) financings are loans granted to a debtor to finance a business organization under bankruptcy code. Since DIPs are a type of bank loan, they can be assessed for quality and assigned an NAIC designation under the scope of SSAP No. 26. After further review, the Financial Regulatory Services staff noted that DIPs are not specified in the AP&P Manual and their characteristics are more similar to collateral loans. Collateral loans are accounted for under SSAP No. 21 Other Admitted Assets and filed on the Schedule BA (Other Long Term Assets). The VOSTF referred this issue to the SAPWG, recommending that they clarify the treatment of DIPs under the AP&P Manual. Surplus Notes The SAPWG recently adopted revisions to SSAP No. 41 Surplus Notes that expanded amortized cost treatment from one NAIC designation class security to both one and two NAIC designation class securities. In addition, these revisions eliminated the need for a financial assessment of surplus notes rated two through six. In response, the SAPWG referred this issue to the VOSTF to consider related adjustments to the P&P Manual. and CMBS. Currently, it is difficult for insurers to gauge capital efficiency because fundamental assumptions in the modeling process change yearly based on economic conditions. Rather than relying on BlackRock to provide modeling results, the SSG proposed a through-the-cycle modeling approach. This would result in less fluctuation in modeling RMBS and CMBS and increase transparency since the NAIC would own the model rather than relying on a proprietary model from BlackRock, PIMCO, or other vendors. The proposed model would be more conservative during economic booms and less conservative (or punitive) during economic downturns. The SSG s report was exposed for comment, and the earliest these changes would take effect is year-end BlackRock is also updating its model for CMBS, which will be effective for 2017 (if a throughthe-cycle framework is not adopted by then). The updates are expected to have a moderate effect on CMBS price points, and the net effect will be a more conservative model. Addition of Belgian GAAP Belgian GAAP was added to the P&P Manual s list of National Financial Presentation Standards. This means that financial statements can be presented to the SVO following Belgian GAAP reconciling to US GAAP or IFRS. New Adoptions HR Ratings de Mexico, S.A. de C.V., was officially adopted as a Credit Rating Provider on the NAIC Credit Rating Provider list and added to the P&P Manual. Upon review, the SVO identified that the P&P Manual contains a list of surplus notes rated one and also contains instructions relating to the financial assessment of surplus notes. In response to the SAPWG referral, the VOSTF adopted a proposal which would delete this information from the P&P Manual. Proposed Changes to RMBS and CMBS The Structured Securities Group (SSG) presented proposed changes to the modeling process for RMBS 7

8 About Clearwater Analytics Clearwater Analytics is the leading provider of web-based investment portfolio accounting, reporting, and reconciliation services for corporate treasuries, insurance companies, and asset managers. Clearwater aggregates, reconciles, and reports on more than $1.4 trillion in assets across thousands of accounts daily. For more than a decade, Clearwater has helped firms such as Knights of Columbus, CopperPoint Mutual Insurance Company, Group Health Companies, The Main Street America Group, SBLI, C.V. Starr & Co., Sagicor, Wilton Re., and WellCare streamline their investment and accounting operations. Clearwater remains committed to continuous improvement and encourages insurers to rethink how they approach their investment accounting and reporting challenges. This material is for informational purposes only. The information we provide is from sources Clearwater Analytics considers reliable, but Clearwater Analytics provides no warranties regarding the accuracy of the information. Further, nothing herein should be construed as legal, financial, or tax advice, and any questions regarding the intended recipient s individual circumstances should be addressed to that recipient s lawyer and/or accountant Clearwater Analytics. All rights reserved. Clearwater is a registered trademark of Clearwater Analytics, LLC.

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