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.
|
Ref No.
|
Issue
Paper/ SSAP No./ Appendix |
Title
|
Description
|
Comment Deadline*
|
| 2001-29 |
SSAP No. 23 |
Foreign Currency Translation |
Exposed recommendation to dispose item. The Working Group requests comments, concerns or proposals on this issue from both regulators and industry. |
April 30, 2008 |
| 2002-20 |
SSAP No. 43 |
Valuation and Reporting of Residual Interests |
Nonsubstantive revisions to clarify the inclusion of beneficial interests within SSAP No. 43 and the treatment of such beneficial interests |
April 30, 2008 |
| 2004-01 |
SSAP No. 41 |
Clarification of SSAP No. 41 on Several Issues, Including NAIC Designation Equivalent for NRSRO Rated Surplus Notes. |
Exposed Issues 1, 3, 4, 6, and 7 for disposition. The Working Group requestscomments, concerns or proposals from both regulators and industry. With regards to Issue 5, nonsubstantive revisions to SSAP No. 41 make the AP&P Manual treatment for NRSRO rated surplus notes consistent with the Purposes and Procedures Manual of the NAIC SVO for valuation of NRSRO rated bonds. (Issue 5 was previously addressed.) |
April 30, 2008 |
| 2004-11 |
SSAP No. 98 |
Treatment of Cash Flows When Quantifying Changes in Valuation and Impairments, An Amendment to SSAP No. 43 |
Exposed SSAP No. 98 for comment |
April 30, 2008 |
| 2007-26 |
Issue Paper 134 |
FAS 156: Accounting for Servicing of Financial Assets, an amendment of FAS 140 |
Exposed Issue Paper 134—Servicing Assets/ Liabilities, An Amendment of SSAP No. 91 for comment |
April 30, 2008 |
| 2007-28 |
SSAP No. 25 SSAP No. 22 |
FIN 46(R), FSP FIN 46(R)-4 and FSP FIN 46(R)-5 Variable Interest Entities |
Nonsubstantive revisions to include reference to implicit and explicit variable interest entities, including footnote description of what constitutes a VIE, within examples of related parties and to require disclosure of maximum loss exposure |
April 30, 2008 |
| 2007-34 |
SSAP No. 48 |
Use of Audited Tax Basis Financial Statements |
Nonsubstantive change regarding the use of audited tax basis financial statements for non SCA minor/noncontrolled investments in SSAP No. 48 entities. |
April 30, 2008 |
| 2007-36 |
SSAP No. 68 |
Goodwill in a Merged Subsidiary |
Nonsubstantive revisions to clarify the guidance related to the treatment of goodwill for subsequent merger activity |
April 30, 2008 |
| 2008-01 |
SSAP No. 86 |
FAS 149: Amendment of Statement 133 on Derivative Instruments and Hedging Activities |
Nonsubstantive changes to clarify the definition of an ‘underlying’, and other related updates |
April 30, 2008 |
| 2008-02 |
Issue Paper No. 99 |
SOP 04-1: Auditing the Statement of Social Insurance |
Rejected as not applicable to statutory accounting |
April 30, 2008 |
| 2008-03 |
SSAP No. 65 |
Discounting of Loss Adjustment Expense Reserves |
Nonsubstantive revisions to clarify existing guidance that property and casualty loss adjustment expenses shall not be discounted. |
April 30, 2008 |
| 2008-04 |
Issue Paper No. 99 |
FAS 160: Noncontrolling Interests in Consolidated Financial Statements, an Amendment of ARB No. 51 |
Rejected as not applicable to statutory accounting |
April 30, 2008 |
| 2008-05 |
SSAP No. 22 |
FSP FAS 13-2: Accounting for a Change or Projected Change in the Timing of Cash Flows Relating to Income Taxes Generated by Leveraged Lease Transactions |
Nonsubstantive revisions incorporating guidance regarding the review of assumptions and projected timing of income tax cash flows with reference that FSP FAS 13-2 is adopted for statutory accounting. |
April 30, 2008 |
| 2008-06 |
SSAP No. 63 |
Clarification of SSAP No. 63 Regarding Intercompany Pooling Arrangements |
Nonsubstantive revisions related to state review, participation percentage, intercompany reporting, and related intercompany disclosures. |
April 30, 2008 |
| 2008-07 |
SSAP No. 48 |
Allow Audited IFRS of Foreign GAAP Prepared Financial Statements as an Acceptable Basis for Valuing Investments in SSAP No. 48 |
Nonsubstantive changes to allow foreign GAAP or IFRS audits and value the non-U.S. SSAP No. 48 minor/noncontrolled investment in US GAAP equity derived from the audited footnote reconciliation to U.S. GAAP |
April 30, 2008 |
| 2008-08 |
SSAP No. 27 SSAP No. 30 SSAP No. 32 |
Methods Used to Determine and Report Fair Value of Securities |
Proposed changes would allow multiple market based valuations to be utilized as an alternative to published SVO unit prices |
April 30, 2008 |
