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December 2023 NAIC-Related Activity

Read on for a summary of NAIC activity or NAIC-related activity that occurred in December.
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There was not a lot of NAIC-related activity in December after the NAIC National Meeting. A few things of note have been included here.

Blanks Working Group (BWG) – December 21, 2023; via email

Via email notification, the BWG released an additional proposal comment. If adopted, Proposal 2023-16 would require 10 years’ worth of information to be included in the Property and Casualty Schedule P reporting for all lines of business beginning with year-end 2024. This would expand the reporting for seven lines of business. The comment period for this proposal ends January 22, 2024.

Interested Parties (IPs) – Various Dates

As mentioned in earlier summaries, the BWG IPs have scheduled a series of weekly calls over the next few months to deal with a number of issues. Some of the items being discussed have emerged from proposals that have already been adopted. As companies attempt to implement the revisions, unanticipated problems have been found; for example, the completion of the revised Life/Fraternal state page beginning this year-end. During these calls, IPs have the opportunity to discuss their experiences, share solutions, and, if no immediate solution can be found, compose questions that can be submitted to NAIC staff for clarification from the group. The hope is by taking a proactive, unified approach, statement reporting implementation might be smoother.

BWG IPs also spent time reviewing new Blanks proposals that have been exposed for comment. And finally, in conjunction with the Statutory Accounting Principles Working Group (SAPWG) IPs (both IP groups share a lot of members), a considerable amount of time has been spent analyzing and providing comments regarding the various accounting and reporting changes that have evolved out of the Principles-Based Bond Definition Project. Since many of the statement changes to the 2025 investment schedules have already been adopted, organizations have begun working through the vast amount of changes to their investment reporting. Again, some unexpected and/or confusing issues have been found and are being discussed on these calls.  Sometimes remedies are found; other times NAIC staff need to be contacted. This concentrated effort should eliminate a lot of last-minute questions that might arise.

SAPWG IPs held a “regular” meeting on December 15 to begin crafting comments on accounting revisions that were released for comment during SAPWG’s December 1 meeting. Included in the discussion were two items with comments due on December 29 and others with a comment period ending January 22.

If you have any questions or need assistance, please reach out to a professional at Forvis Mazars.

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