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The Statutory Accounting Principles Working Group has the responsibility of developing and proposing new
Statements of Statutory Accounting principles (SSAPs). The SSAPs represent the top level of requirements in the statutory
hierarchy of accounting requirements and are included in the NAIC Accounting Practices and Procedures Manual (AP&P
Manual). New SSAPs will be developed periodically that: 1) address issues not covered by existing Statutory Accounting
Principles (SAP) guidance; 2) amend existing SSAPs; or 3) supersede existing SSAPs.
The first step in developing new SSAPs will usually be the drafting of an Issue Paper (IP) containing summary conclusion,
discussion and relevant literature sections. Public comment will be solicited on the IPs, and at least one public hearing
will be held on an IP before it is converted to a SSAP. The SAPWG relies upon NAIC staff to perform research and drafting on
new SSAPs and may enlist the assistance of interested parties with requisite technical expertise as needed.
Items for consideration by the SAPWG can be submitted via a Form A to NAIC staff support.
2009 Charges
- Maintain codified statutory accounting principles by providing periodic updates to the guidance that address new statutory issues and new GAAP pronouncements as they develop;
- At the discretion of the chair, comment on exposed GAAP Pronouncements affecting financial accounting and reporting;
- Report its findings relative to these developing issues to the Accounting Practices and Procedures (E) Task Force.
- Accumulate and summarize information from regulators, industry, auditors and others, on implementation issues related to transitioning to International Financial Reporting Standards (IFRS) for statutory reporting, as well as some of the more significant issues that would need to be considered in implementing such a change.
- Upon notice that a security has been placed under regulatory review, the Chair of the Statutory Accounting Principles (E) Working Group or his or her representative will be deemed a member of the Invested Asset (E) Working Group of the Valuation of Securities (E) Task Force. The Chair or his or her representative is charged with contributing the perspective and expertise of the regulatory group to the development of NAIC regulatory guidance for the security under review.
Comments Requested
Please forward comments to jtittle@naic.org or rmarcott@naic.org by August 7, 2009.
Exposure Drafts Outstanding
Statutory Accounting Principles Working Group
Last Updated June 22, 2009
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Ref No. |
Issue
Paper/ SSAP No./ Appendix |
Title |
Description
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| 2003-12 |
Issue Paper No. 135
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Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Others
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Issue Paper proposing adoption, with modification, of FIN 45.
This Issue Paper proposes guidance to require entities to recognize, at the inception of a guarantee, a liability for the obligations it has undertaken in issuing the guarantee. |
| 2007-24 |
Issue Paper No. 138 |
Fair Value Measurements |
Issue Paper proposing adoption, with modification, of FAS 157.
This Issue Paper proposes guidance to define fair value, establish a framework for measuring fair value and expands disclosures about fair value. |
| 2007-27 |
SSAP No. 56
Annual Statement Instructions |
SOP 03-1, Accounting and Reporting by Insurance Enterprises for Certain Nontraditional Long-Duration Contracts and Separate Accounts |
Nonsubstantive revisions to SSAP No. 56 proposing enhanced disclosure requirements for separate accounts.
Also exposed are proposed Annual Statement Instructions to address the SSAP No. 56 enhanced disclosures. |
| 2008-28 |
SSAP No. 62R
Issue Paper No. 137
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Property and Casualty Reinsurance (Revised)
Transfer of Property and Casualty Reinsurance Agreements in Run-Off
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Issue Paper and Draft Revised SSAP to expand the exception to retroactive accounting treatment to include property and casualty run-off agreements that meet specified criteria.
(The SAPWG has agreed to expose the Issue Paper and revised SSAP simultaneously to allow for a Jan 1, 2010 effective date.) |
| 2009-09 |
SSAP No. 60 |
Financial Guaranty Insurance |
Nonsubstantive revisions to SSAP No. 60 to establish disclosures for financial guarantee insurance contracts. |
| 2009-08 |
Issue Paper No. 99 |
FSP SOP 94-3-1 and AAG HCO-1, Omnibus Changes to Consolidate and Equity Method Guidance for Not-For-Profit Organizations
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Nonsubstantive revisions to Issue Paper No. 99 rejecting FSP SOP 94-3-1 and AAG HCO-1 as not applicable to statutory accounting. |
*Please forward all comment letters to
jtittle@naic.org or rmarcott@naic.org. |
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| Regulators may access meeting minutes through MyNAIC.org. Non-Regulators may purchase meeting minutes through NAIC Store. |
National Meeting Form A Deadlines
Please see the Meetings and Events page for meeting dates and locations.
| Meeting Date |
Deadline |
| Spring 2009 |
February 4, 2009 |
| Summer 2009 |
May 4, 2009 |
| Fall 2009 |
August 7, 2009 |
| Winter 2009 |
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Advance Materials for National Meetings
2009 Summer National Meeting
2009 Spring National Meeting
2008 Winter National Meeting
2008 Fall National Meeting
Link to IFRS SEC Rule
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Meeting Summaries
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| The following are additional documents and resources related to the work of this committee. |
UPDATED SSAP No. 98
On April 17, the NAIC Executive Committee and Plenary adopted SSAP No. 98 ”Treatment of Cash Flows When Quantifying Changes in Valuation and Impairments, an Amendment of SSAP No. 43” Loan-backed and Structured Securities, but modified the effective date to be "for periods ending on or after September 30, 2009 and after with early adoption permitted," as opposed to "For periods beginning January 1, 2009" as previously adopted by the technical groups and included in the March 2009 Accounting Practices & Procedures Manual. As a result of this change to the effective date of SSAP No. 98, the guidance in SSAP No. 98 should be reflected no later than the third quarter 2009 financial statements. |
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Accounting Practices and Procedures Manual Updates |
SAPWG Maintenance Agenda Submission Form (Form A)
See Policy Statement on SAPWG Maintenance Agenda Process for description and instruction. After completion of the Form A, please send to statacct@naic.org for NAIC staff review. NAIC staff will send a confirmation of receipt. In order for NAIC staff to place the Form A on the Agenda, the Form A must be received no later than the comment deadline. |
Maintenance Agenda
June 2009 |
SSAP No. 46/ SSAP No. 88 Market Value Discount Table
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SAP to Annual Statement Disclosure Checklist Updated
for 2008 Annual Statements
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Policy Statements
See Appendix F – Policy Statements of the Accounting Practices and Procedures Manual for a complete listing. |
Comment Letters Distributed to the Financial Accounting Standards Board (FASB)
2006 Comment Letters
2007 Comment Letters
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| Media queries should be directed to the NAIC Communications Division at 816-783-8909 or news@naic.org. |
John Tittle
Manager, Accounting Policy
Phone: 816-783-8120
Fax: 816-460-7612 |
Robin Marcotte
Accounting and Reporting Manager
Phone: 816-783-8124
Fax: 816-460-7571 |
Julie Gann
Accounting Policy Advisor
Phone: 816-783-8966
Fax: 816-460-7821 |
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Ryan Couch
Accounting Policy Advisor
Phone: 816-783-8421
Fax: 816-460-7654 |
| Please see the current Committee
List for a complete list of committee members. |
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