On February 8, 2018, the Statutory Accounting Principles Working Group (SAPWG) for the National Association of Insurance Commissioners (NAIC) met via conference call to discuss INT 18-01: Updated Tax Estimates under the Tax Cuts and Job Act (the Act). Three issues were discussed: Reporting and updating estimates related to the Act Reporting Changes to Deferred […]
Recent changes adopted by the NAIC will allow insurers to get into compliance with their subsidiary filing requirements. Many insurers own small subsidiaries, such as an insurance agency, but have never made the appropriate filings with the NAIC. The recent changes made by the NAIC will make compliance easier and less costly for those companies […]
This summer the National Association of Insurance Commissioners (NAIC) published their “Listing of Companies“. This is the official source from the NAIC to use to determine if an alien insurer has been assigned a certified reinsurer identification number (or CRIN). On March 23, 2015, we published an announcement, “Certified Reinsurers & Specifically Underwriters at Lloyd’s […]
On July 9, 2015, the IRS issued Notice 2015-49, Use of Lump Sum Payments to Replace Lifetime Income Being Received By Retirees Under Defined Benefit Pension. This IRS Notice banned lump sum payments as a benefit option for retirees already receiving benefits (called in pay status). Plan sponsors can continue to provide the lump sum […]
The Committee of Sponsoring Organizations (COSO) issued its original framework in 1992, and it has been used as guide since then to develop internal controls in all industries. This framework has been revised and was effective December 15, 2014. The purpose of the revision was to address the many aspects of business that have changed […]
The Foreign Account Tax Compliance Act (FATCA) is a U.S. federal law that affects virtually the entire financial services sector, including the insurance industry. FATCA is intended primarily as an information-gathering law and requires foreign financial institutions (including many non-U.S. insurance companies and non-U.S. insurance brokers) to provide information to the IRS about their U.S. […]
In 2014, the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) boards decided to agree to disagree and the ultimate concept of convergence has ended. Therefore, where are we today after ten years of convergence work? Some convergence projects have been completed successfully as envisioned-aligned principles even if the words differed. Others […]
As of January 1, 2015, the Pennsylvania Insurance Department has approved eight reinsurers as certified reinsurers and approved seven qualified jurisdictions. Business contracts with the certified reinsurers would require special statutory financial reporting considerations in a company’s annual filings. One of the listed certified reinsurers was the Underwriters at Lloyd’s of London. Although, interesting to […]
The National Association of Insurance Commissioners (NAIC) has adopted a Corporate Governance Annual Disclosure Model Act and its Corporate Governance Annual Filing Model Regulation to require an annual disclosure of a company’s corporate governance framework and practices. We understand that the Pennsylvania Insurance Department expects to have legislative adoption of the NAIC’s Model Law and […]
The week of June 9th Hank Straub and myself, Co-Principals of the BSSF Insurance Audit Practice, attended the 2014 Insurance Accounting & Systems Association (IASA) Educational Conference & Business Show in Indianapolis, Indiana. As in past years, the conference provided educational speakers on various IT and financial topics pertaining to the insurance industry. Additionally, the […]