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NAIC National Meeting Update

Summer 2014, Louisville, KY

NAIC Meeting Update Summer 2014The National Association of Insurance Commissioners (NAIC) held its Summer 2014 National Meeting from August 16 - 19, 2014 in Louisville, KY. Clearwater Analytics is dedicated to staying up-to-date on the latest accounting guidance and standards and sent a representative to the meeting to track NAIC changes related to accounting for investments.

This report provides a comprehensive overview of the most recent updates that pertain to accounting for your investment portfolio and filing your quarterly and annual investment schedules with the NAIC.

SOME OF THE KEY NAIC UPDATES COVERED:

  • Valuation of Securities (VOS) Task Force
    • Recalibration Project and its Impact
    • Purposes and Procedures Manual - Updates
    • Purposes and Procedures Manual - Proposed Amendments
    • Additional Updates: Structured Securities FAQ, Investment Classification Review Project, and more.
  • Statutory Accounting Principles Working Group
    • Adoption of REF: 2014-02: Disclosure for Structured Notes
    • Treatment of Non-Cash Items in the Cash-Flow Statements
    • Single-Member and Single-Assets LLCs
  • Blanks Working Group (BWG)
    • Postal Code Column – Amendment 2014-11
    • Schedule DB Footnotes – Amendment 2014-17
    • Disclosure 2014-06BWF
    • Categories Reported on Schedule BA
    • Foreign Code Matrix and Foreign Definition
  • Investment Risk-Based Capital Working Group
    • Evolving Revisions to C1 Factors for Corporate Bonds
    • New C1 Factors Format