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.
- 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.
- When a class of securities is being reviewed by the Invested Assets (E) Working Group, 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/her representative, is charged with contributing the applicable perspective and expertise of the regulatory group to the development of NAIC regulatory guidance for the security under review by the Invested Asset (E) Working Group.
- Provide comments on issues related to evaluating and or implementing to International Financial Reporting Standards (IFRS) for possible U.S. statutory accounting use and provide input on the solvency modernization project as it relates to accounting and reporting issues.
Exposure Drafts Outstanding
Statutory Accounting Principles Working Group
Last Updated November 15, 2013
Please address comment letters to Dale Bruggeman, Chair of the Statutory Accounting Principles (E) Working Group, and direct to email@example.com and firstname.lastname@example.org.
The comment deadline for the following exposed items is Dec. 3, 2013:
- Agenda Item 2013-03, Share-Based Payments
- Agenda Item 2013-10, Working Capital Finance Investments
- Agenda Item 2013-28, Risk Sharing Provisions of the Affordable Care Act (NOTE: Informational Exposure Only)
The comment deadline for agenda item 2013-17, Real Estate LLCs is November 22, 2013.
Paper/ SSAP No./ Appendix
|EXPOSURES WITH COMMENT DEADLINE OF DEC. 10, 2013
SSAP No. 35R
New Issue Paper
|ASU 2011-06: Fees Payable to the Federal Government by Health Insurers
||Substantive changes to address 2011-38 ASU 2011-06: Fees Payable to the Federal Government by Health Insurers
|EXPOSURES WITH COMMENT DEADLINE OF DEC. 3, 2013
SSAP No. 104
|EITF 00-18, Accounting Recognition for Certain Transactions Involving Equity Instruments Granted to Other Than Employees
||Substantive revisions proposing to adopt, with modification, ASC 505-50 - Equity, Equity Payments to Non-employees in a substantively revised SSAP No. 104.
New Issue Paper
|Working Capital Finance Investments
||Proposes new SSAP to allow working capital finance investments to be admitted assets if specific criteria are met.
||Risk Sharing Provisions of the Affordable Care Act
||Includes information related to the risk adjustment, reinsurance and risk corridor sections of the ACA.
|EXPOSURES WITH COMMENT DEADLINE OF OCTOBER 10, 2013
||Make - Whole Call Provisions And Continuously Callable Bonds
||Nonsubstantive revisions to clarify amortization requirements for bonds with make - whole call provisions and bonds that are continuously callable under the statutory accounting yield-to-worst concept.
||Tax Positions and Their Settlement
||Nonsubstantive, informational exposure to reject ASU 2009-06, Implementation Guidance on Accounting for Uncertainty in Income Taxes and Disclosure Amendments for Nonpublic Entities, and incorporate a definition of a “tax position” in SSAP No. 101; and to reject FSP FIN 48-1, Definition of “Settlement” in FASB Interpretation No. 48 FSP FIN 48-1, Definition of “Settlement” in FASB Interpretation No. 48, and incorporate guidance for tax contingency settlement in SSAP No. 5R.
|EXPOSURES WITH COMMENT DEADLINE OF NOVEMBER 22, 2013
40 & 48
|Single Asset/Single Asset LLCs - Underlying Asset is Real Estate
||Nonsubstantive exposure requests information on a sponsor proposal to allow real estate held in a limited liability company to follow the accounting and reporting guidance in SSAP No. 40 rather than the guidance in SSAP No. 48 if specific criteria are met.
*Please forward all comment letters to email@example.com and firstname.lastname@example.org