Financial Condition (E) Committee Technical Changes
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- Betty Riley
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1 Draft: 12/18/17 Financial Cnditin (E) Cmmittee Technical Changes Backgrund Infrmatin. At the 2009 Fall Natinal Meeting, the NAIC membership apprved a new prcess fr the final adptin f technical matters cming frm the Financial Cnditin (E) Cmmittee. The new prcess was enacted t prvide these technical changes t the industry and affected parties as quickly as pssible, in an effrt t allw them mre time t mdify their systems and prcesses fr such changes. Details f Prcess Adpted 1. A list f technical items (shwn n the page(s) that fllw) will be prvided frm the Financial Cnditin (E) Cmmittee t the Executive (EX) Cmmittee and Plenary within ne week f the cmpletin f the natinal meeting. 2. The list cntains nly what the Financial Cnditin (E) Cmmittee cnsiders technical and rutine, and des nt include items that are significant by NAIC standards (e.g., it wuld nt include prpsed mdel laws, mdel regulatins r guidelines) r items cnsidered cntrversial. 3. Members f the Executive (EX) Cmmittee and Plenary have 10 days t review the attached list and vice any bjectin with respect t a specific item. 4. If n bjectins are raised n a particular item, r any f the items, each and all items will be cnsidered adpted by the Executive (EX) Cmmittee and Plenary, similar t the cnsent agenda prcess. 5. If there is an bjectin n any ne r multiple items, a jint cnference call f the Executive (EX) Cmmittee and Plenary will be scheduled t address the particular item(s). 6. Items receiving n bjectin will be cnsidered adpted and thus inserted int the apprpriate publicatin and/r made available t the industry and ther parties fr implementatin. Request fr Apprval. Under the abve prcess, the Executive (EX) Cmmittee and Plenary members are hereby requested t review the attached list and vice any bjectins t a specific item(s) by Jan. 8, Any item(s) receiving an bjectin will be pulled frm this autmatic cnsideratin, and a cnference call will be scheduled t address the issue Natinal Assciatin f Insurance Cmmissiners 1
2 Financial Cnditin (E) Cmmittee Technical Changes Actin Taken During 2017 Fall Natinal Meeting Date Released t Executive (EX) Cmmittee and Plenary Members: Dec. 18, 2017 Objectins Due frm Executive (EX) Cmmittee and Plenary Members: Jan. 8, 2018 The fllwing technical items were adpted by the Financial Cnditin (E) Cmmittee at the 2017 Fall Natinal Meeting: 1. Accunting Practices and Prcedures Manual (AP&P Manual) Changes and Related Items Adpted the fllwing substantive revisins t statutry accunting guidance: Statement f Statutry Accunting Principles (SSAP) N. 100R Fair Value and Issue Paper N. 157 Use f Net Asset Value: Revisins allw the use f net asset value (NAV) per share as a practical expedient t fair value when specifically named in an SSAP r when specific cnditins exist. These revisins adpt Accunting Standards Update (ASU) : Investments in Certain Entities that Calculate Net Asset Value Per Share (r Its Equivalent) and ASU : Disclsures fr Investments in Certain Entities that Calculate Net Asset Value Per Share (r Its Equivalent). (Ref # ) Adpted the fllwing nnsubstantive revisins t statutry accunting guidance: SSAP N. 6 Uncllected Premium Balances, Bills Receivable fr Premiums, and Amunts Due frm Agents and Brkers and Appendix B Interpretatins f Statutry Accunting Principles: Revisins allw an ptinal temprary 60-day extensin f the existing 90-day rule fr Hurricane Harvey, Hurricane Irma and Hurricane Maria. This interpretatin will expire in February (Ref ) SSAP N. 12 Emplyee Stck Ownership Plans and SSAP N. 104R Share-Based Payments: Adpts, with mdificatin, ASU , Imprvements t Share-Based Payment Accunting. (Ref # ) SSAP N. 22 Leases: Adpts, with mdificatin, ASU , Determining the Custmer f the Operatin Services t clarify the custmer f service cncessin arrangements. (Ref # ) SSAP N. 26R Bnds: Revisins capture directly issued bank lans in scpe fr A 2018 prpsal will be presented t the Blanks (E) Wrking Grup t include separately capture directly issued and acquired bank lans n Schedule D, Part 1 Lng Term Bnds. (Ref # ) SSAP N. 43R Lan-Backed and Structured Securities: Revisins remve transitin guidance related t the 2009 adptin f substantive revisins and update the Questin and Answer Implementatin Guidance t remve utdated guidance. (Ref # ) SSAP N. 68 Business Cmbinatins and Gdwill and SSAP N. 90 Impairment r Dispsal f Real Estate Investments: Revisins reject five ASUs and include guidance fr triggering events frm SSAP N. 90 int SSAP N. 68 t discuss the impairment prcess in its entirety. (Ref # ) SSAP N. 86 Derivatives: Revisins require aggregate disclsures fr derivatives with financing premiums fr year-end The disclsures detail the use f financing premiums, premiums due, the reprted derivative fair value and the derivative fair value excluding the impact f financing premiums. (Ref # ) Revisins clarify that variatin margin changes shall nt be cnsidered settlements until the derivative cntract has matured, been terminated and/r expired. This revisin is effective Jan. 1, 2018, fr reprting entities that have previusly cnsidered variatin margin changes t reflect settlement. (Ref # ) SSAP N. 92 Pstretirement Benefits Other Than Pensins and SSAP N. 102 Pensins: Revisins reject ASU , Imprving the Presentatin f Net Peridic Pensin Cst and Net Peridic Pstretirement Benefit Cst, with a ntatin that the disclsures in the SSAPs shall be fllwed. (Ref # ) SSAP N. 97 Investments in Subsidiary, Cntrlled and Affiliated Entities: 2017 Natinal Assciatin f Insurance Cmmissiners 2
3 Financial Cnditin (E) Cmmittee Technical Changes Revisins adpt revised subsidiary, cntrlled and affiliated (SCA) filing deadlines fr Sub 1 filings will be due within 90 days f the initial acquisitin r frmatin f an SCA entity. Sub 2 filings will be due Aug. 31 f each year, with a prvisin t allw a ne-mnth filing deadline after the audit date fr an SCA entity that regularly receives its audit reprt after Aug. 31. (Ref # ) Revisins clarify that limited statutry adjustments shuld apply t all freign insurance SCA entities (8.b.iv. entities), regardless f whether they have audited U.S. generally accepted accunting principles (GAAP) r audited freign GAAP financial statements. (Ref # ) SSAP N. 103R Transfers and Servicing f Financial Assets and Extinguishments f Liabilities: Revisins exclude mney market mutual funds (MMMFs) frm the wash sale disclsure. (Ref # ) SSAP N. 104R Share-Based Payments: Adpts ASU , Stck Cmpensatin Scpe f Mdificatin Accunting t prvide guidance regarding which changes t the terms r cnditins f a share-based payment award require an entity t apply mdificatin accunting. (Ref # ) SSAP N. 107 Risk-Sharing Prvisins f the Affrdable Care Act: Revisins prvide guidance n high-cst risk pls, requiring claim reimbursements as increases t premium and new disclsures. (Ref # ) Appendix D GAAP Crss-Reference t SAP: Revisins reject ASU , Financial Services Investment Cmpanies Amendments t the Scpe, Measurement and Disclsure Requirements as nt applicable t statutry accunting. (Ref # ) Appendix E Statutry Issue Papers: Revisins update the name f Issue Paper N. 143 Prspective-Based Guaranty Fund Assessments t Issue Paper N. 143R Guaranty Fund Assessments and dcument the adpted substantive changes t SSAP N. 35R Guaranty Fund and Other Assessments. (Ref # ) Appendix F Plicy Statements: Incrprates the new NAIC Plicy Statement n Crdinatin f the Accunting Practices and Prcedures Manual and the Purpses and Prcedures Manual f the NAIC Investment Analysis Office. (Ref # ) Editrial Revisins: Revisins delete ftntes fr the 2016 year-end and interim 2017 financial statements fr MMMFs in SSAP N. 26R and SSAP N. 30 Unaffiliated Cmmn Stck. In additin, Actuarial Guideline XXXIV Variable Annuity Minimum Guaranteed Death Benefit Reserves (AG 34) and Actuarial Guideline XXXIX Reserves fr Variable Annuities with Guaranteed Living Benefits (AG 39) were deleted frm Appendix C Actuarial Guidelines, as bth guidelines are n lnger in effect. (Ref # EP) Mem n High-Deductible Disclsures: Adpted a memrandum t the Blanks (E) Wrking Grup t prvide additinal instructins n the high-deductible disclsures in SSAP N. 65 Prperty and Casualty Cntracts. 2. Financial Cnditin Examiners Handbk Changes, Other Examinatin Tls and Related Items Adpted the 2018 examiners suggested salary expressed as a daily rate. Adpted revisins t clarify that a meeting between the examiner and analyst shuld take place by phne r in persn and that an exchange alne is insufficient t meet the beginning f exam cmmunicatin requirements. Adpted revisins t Exhibit B (examinatin planning questinnaire) t clarify that when an item requested has already been prvided by the cmpany, the item des nt have t be re-prvided. Adpted revisins t add guidance related t principle-based reserving (PBR). Adpted revisins t add guidance fr the review f affiliated service agreements cnsistent with the prvisins in the NAIC s Insurance Hlding Cmpany System Mdel Regulatin with Reprting Frms and Instructins (#450). Adpted revisins t the reinsurance, related party, capital and surplus, and investment repsitries related t the nging repsitry maintenance prject Natinal Assciatin f Insurance Cmmissiners 3
4 Financial Cnditin (E) Cmmittee Technical Changes Adpted revisins t assist examiners in addressing insurers in runff, as well as insurers that redmesticate. Adpted revisins t Exhibit Z (used t dcument exam crdinatin) t clarify the applicable guidance when a stand-alne examinatin is perfrmed fr a cmpany that is a part f an insurance hlding cmpany grup. Adpted revisins t Exhibit E (review f auditr s wrk) t clarify dcuments that shuld be reviewed as part f the examiners review f the auditrs wrk. Adpted Handbk Amendment Prcedures dcumenting the plicies in which amendments will be adpted. Adpted revisins t the fllwing sectins f the Handbk: 1) infrmatin technlgy (IT) guidance in Sectin 1-3; 2) Exhibit C: Infrmatin Technlgy Planning Questinnaire (ITPQ); 3) Exhibit C: narrative guidance; and 4) Exhibit C: Infrmatin Technlgy Wrk Prgram (Wrk Prgram). These revisins enhance cybersecurity guidance primarily based n state insurance regulatr and industry feedback in using existing Handbk guidance. 3. Financial Analysis Handbk Changes and Related Items Adpted revisins t finalize incrpratin f the risk-fcused framewrk int the Financial Analysis Handbk, including an updated risk assessment wrksheet, certain edits t risk repsitries and redrafted analyst reference guides fr each f the nine-branded risk repsitries. Adpted prcedures that incrprate a new frmal prcess fr adpting future amendments t the Financial Analysis Handbk, as well as a revised submissin frm fr requesting such amendments. Adpted additinal Financial Analysis Handbk amendments t address: updated health care guidance; updated intrductry chapters including new guidance fr priritizatin and preliminary analysis; updated guidance fr review f ntes t the financials; new guidance fr analysis f run-ff insurers; new prcedure and guidance with regard t the XXX/AXXX captive reinsurance fr life insurers; updated Frm A prcedures and guidance; updated nn-lead state hlding cmpany analysis prcedures and guidance; and updated Frm D filing supplemental prcedures and guidance. Adpted updates t ther cnfidential state insurance regulatr-nly financial analysis slvency tls. Adpted prcedures that incrprate a new frmal prcess fr adpting future amendments t the Insurance Regulatry Infrmatin System (IRIS), as well as a new submissin frm fr requesting such amendments. 4. Implementatin Guide fr the Annual Financial Reprting Mdel Regulatin (#205) Changes and Related Items Nne. 5. Annual Statement Instructins Changes and Related Items Adpted the fllwing changes t the financial annual statement blanks and/r instructins: BWG Adds a questin t the General Interrgatries Part 1 t determine if the reprting entity is part f a publicly traded grup. Adds clarifying instructins t Schedule Y, Part 1A as t when a Central Index Key (CIK) is prvided. Adds a crsscheck between Clumn 6 and Clumn 7 f Schedule Y, Part 1A t ensure cnsistent reprting. Editrial changes/nnsubstantive crrectins t update the designatin matrices in the investment schedule instructins and crrect the filing date in the Supplemental Exhibits and Schedules Interrgatries fr the cnfidential Regulatry Asset Adequacy Issues Summary (RAAIS) required by the Valuatin Manual frm March 15 t April Purpses and Prcedures Manual f the NAIC Investment Analysis Office (P&P Manual) and Related Items Adpted an amendment t the P&P Manual t transfer the prductin f NAIC designatins frm insurance cmpanies back t the Securities Valuatin Office (SVO) effective Jan. 1, 2018, and adpted a related P&P Manual amendment creating a new requirement that insurance cmpanies verify t the SVO the credit rating assigned t securities subject t private letter (PL) ratings, effective July 1 fr securities issued n r after January 1, Natinal Assciatin f Insurance Cmmissiners 4
5 Financial Cnditin (E) Cmmittee Technical Changes Adpted an amendment t the P&P Manual t delete SVO and Structured Securities Grup (SSG) authrity t ignre the credit rating f any specific NAIC credit rating prviders (CRPs) when cnverting credit ratings in NAIC designatins. The amendment seeks t avid disruptin in the filing exempt (FE) prcess. Adpted an amendment t the P&P Manual t delete SVO authrity t require an insurer t file a security rated by an NAIC CRP fr the purpses f evaluating the security and making recmmendatins t the Task Frce. Adpted an amendment t the P&P Manual mdifying the use f the Z symbl t identify securities in transitin frm ne filing status t anther. The amendment eliminates the use f the Z symbl rule by insurers t selfdesignate a security the SVO did nt update by year-end. Instead, a related amendment creates a new administrative Carryver Prcedure fr the P&P Manual under which the SVO identifies all securities that cannt be designated by year-end, assigns ne new symbl t annual updates, and extends the designatin then assigned int the new year and anther t initial filings signaling insurers t self-designate using the new symbl. The new symbls are remved as the SVO updates the designatins. Adpted an amendment t the P&P Manual t clarify that Schedule BA private funds can be assigned NAIC designatins by the SVO and t identify the methdlgy fr ding s. 7. NAIC Risk-Based Capital (RBC) Frmula Changes and Related Items Adpted the 2017 Catastrphe Event List. 8. Unifrm Certificate f Authrity Applicatin (UCAA) and Cmpany Licensing Best Practices Handbk and Related Items Adpted revisins t the UCAA definitins fr state charts, state-specific requirements and key persns in cntrl functins. Adpted revisins t the bigraphical affidavit t prvide additinal instructins fr individuals wh have lived, wrked r btained their educatin internatinally t nte that additinal infrmatin may be requested r t attach a diplma r certificate f attendance t aid in the backgrund search. Adpted revisins t the primary and expansin checklist t mirrr the crprate amendment checklist n key items and clarificatin n hw the affidavits shuld be submitted t the states. Adpted mdificatins t the independent third-party best practices t state that all transmissins f the backgrund reprts must be sent in a secure manner. Adpted mdificatins t the primary applicatin review checklist, item #2 heading, and subsectin f and subsectin g, which clarify that an pining actuary and accuntant nt emplyed by the applicant cmpany d nt need t prvide a bigraphical affidavit. 9. NAIC Own Risk and Slvency Assessment (ORSA) Guidance Manual (ORSA Guidance Manual) and Related Items Adpted prcedures that incrprate a new frmal prcess fr adpting future amendments t the ORSA Guidance Manual, as well as a new submissin frm fr requesting such amendments. 10. Receivers Handbk fr Insurance Cmpany Inslvencies and Related Items Nne. 11. Prcess fr Develping and Maintaining the NAIC List f Qualified Jurisdictins and Related Items Nne. 12. Prcess fr Develping and Maintaining the NAIC List f Certified Reinsurers and Related Items Adpted a recmmendatin that the states may cnsider Krll Bnd Rating Agency as a natinally recgnized statistical rating rganizatin (NRSRO) fr certified reinsurer purpses, including revisins t the Unifrm Applicatin Checklist fr Certified Reinsurers t clarify that the NRSRO must be recgnized by the U.S. Securities and Exchange Cmmissin (SEC) t prvide financial strength ratings n insurance cmpanies and t incrprate the matrix f ratings and cllateral levels fr Krll Bnd Rating Agency Natinal Assciatin f Insurance Cmmissiners 5
Financial Condition (E) Committee Technical Changes
Draft: 8/23/2017 Financial Cnditin (E) Cmmittee Technical Changes Backgrund Infrmatin. At the 2009 Fall Natinal Meeting, the Natinal Assciatin f Insurance Cmmissiners (NAIC) membership apprved a new prcess
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