Exploring NAIC’s Most Recent Updates and Pending Changes

The National Association of Insurance Commissioners (NAIC) national meetings provide a forum to resolve major insurance issues and allow regulators to develop a coherent national policy on the regulation of insurance where a national policy is appropriate.[1] Early in December, the NAIC wrapped up the 2022 Fall National Meeting. They covered material around financial regulatory issues adopted, exposed for comment, and discussed by various NAIC Committees, Task Forces and Working Groups, including:

• Changes to the 2022 NAIC Accounting Practices and Procedures Manual including new SSAPs, amendments to current SSAPs, new Issue Papers, new Interpretations, as well as other issues currently under discussion by the Statutory Accounting Principles Working Group.
• Changes adopted by Blanks Working Group for the 2022 and 2023 Annual and 2023 Quarterly Statements and other current activities under discussion by the Working Group.
• Changes adopted by Capital Adequacy Task Force and RBC Working Groups including changes adopted for the 2022 and 2023 Risk-Based Capital Formulas and other current activities under discussion by the Task Force.
• Changes adopted by the Valuation of Securities Task Force regarding the Purposes and Procedures Manual of the NAIC Investment Analysis Office and other current activities under discussion by the Task Force.
• Updates on other financial regulatory issues by various other NAIC Working Groups, Task Forces, and Committees including the new Group Capital Calculation Formula, proposed changes to NAIC Financial Condition Examiners and Financial Analysis Handbooks, Group Solvency and Reinsurance Task Force issues.

These changes will impact statutory statement preparers, CFOs, controllers, chief investment officers, tax officers and statutory financial regulators. To help you explore the changes coming out of the fall 2022 meeting and how they may impact your business, SS&C invites you join our "2022 NAIC Fall National Meeting Update" webinar on January 12, 2023, at 2 pm Eastern. No prerequisites or advanced preparation are required.