Statutory Accounting Standards Are Constantly Changing

Clearwater Will Help You Stay Up to Date

Keeping up with the latest accounting standards and changes being issued by regulatory bodies is a never-ending challenge, let alone interpreting and implementing the changes as they relate to your investment portfolio. From the NAIC for Statutory Accounting updates to FASB and the new codification standards and AICPA pronouncements, it’s a constant battle to stay on top of the changing standards and regulations.

Statutory Accounting

For insurers, Clearwater is dedicated to staying well-informed on the latest accounting guidance (SSAP 100 and SSAP 43R, for example) and Statutory Blanks updates, and to making them available automatically through the Clearwater solution once guidance is effective.

Clearwater also participates in NAIC sub-group and task force meetings, including the Statutory Accounting Principles Working Group, Valuation of Securities Task Force, Blanks Working Group, Invested Risk-Based Capital Working Group, and Emerging Accounting Issues Working Group, and attends every NAIC National Meeting in order to stay up-to-date on all recent and future-planned insurance accounting changes.

Clearwater hosts regular NAIC investment update webinars, and publishes frequent blog articles designed to help you stay up-to-date on statutory reporting changes that affect insurance accounting for your organization.

Browse our webinars, white-papers, and other investment resources for insurers.

SSAP 100 – Updated Fair Value Measure/Values Disclosures

Effective December 2010, SSAP No. 100—Fair Value Measurements adopted (with modification) FAS 157 for Statutory reporting. Under SSAP 100, insurers are required to provide information regarding securities reported at Fair Value. Clearwater created additional reports to produce the required disclosures and provide clients with easy-to-use, intuitive tools to set Fair Value Levels for securities in their portfolio.

SSAP 43R – Other-Than-Temporary Impairments (OTTI) on Loan-Backed and Structured Securities

The National Association of Insurance Commissioners' (NAIC) Statutory Accounting Principles Working Group adopted SSAP No. 43R in the fall of 2009. This revised statutory reporting guidance has important implications for insurance investors, including updated guidance on recording other-than-temporary impairments (OTTI) on loan-backed and structured securities and new methods required to determine the NAIC Designation using RMBS/CMBS Modeling. Clearwater provides an insurance statutory reporting solution that allows clients to enter their OTTI on loan-backed securities in conformance with NAIC guidance and updated the designation process to meet the new requirements. Clearwater also automatically performs all necessary calculations to determine the proper NAIC Designation and carrying value for securities subject to 43R Designations.

Download the SSAP 43R Market Insight Paper
Watch the SSAP 43R Webinar

NAIC Blanks

Clearwater Schedule D reports are updated for all relevant Quarterly and Annual Blanks changes and tested with all major Annual Statement Software providers to ensure automatic and seamless import. Some recent updates include: Specific Bond Category changes, additional foreign codes, additional collateral types for non-Agency, loan-backed and structured securities, and additional Preferred Stock Categories.

“By using Clearwater, we have substantially increased our operational efficiencies for month end closings, NAIC statement preparation, managerial reporting, and the list goes on. We are grateful for all the time and stress that Clearwater removes from these processes.”

–Lisa Snyder, VP of Finance & Administration, Alamance Farmers' Mutual Insurance Company

GAAP and IFRS Accounting Updates

See how Clearwater helps you stay up-to-date on GAAP and IFRS Accounting Changes

Additional Resources

Clearwater Is The New Standard for Insurers

Clearwater is dedicated to staying up to date on the latest accounting guidance and standards updates that affect statutory reporting, particularly as they relate to accounting for your investment portfolio, as well as providing clients with automatic solutions to changing guidance and reporting needs. Learn more about Clearwater’s Web-Based Investment Accounting and Reporting Solution

Market Insight

Clearwater provides complete access to a series of market-focused papers, best practices guides, and webinars designed to give in-depth insight into new accounting standards updates and help you understand how these changes impact your investment portfolio.

CLEAR INSIGHTS DIGITAL PUBLICATION

Clear Insights was built with insurers’ needs in mind. A dynamic digital publication, continuously updated with articles by industry experts, Clear Insights is your best source for important investment-related topics, including NAIC regulatory updates, statutory accounting changes, investment best practices, and more.