The Statutory Accounting Principles (E) Working Group exposed revisions to disclosures related to short-duration contracts required in SSAP No. 55 Unpaid Claims, Losses, and Loss Adjustment Expenses and SSAP No. 65 Property and Casualty Contracts that incorporate certain disclosures from ASU 2015-09 Financial Services—Insurance (Topic 944): Disclosures about Short-Duration Contracts. These changes would reject, for statutory accounting, many of the new disclosures in ASU 2015-09 and would amend statutory accounting to include additional disclosures from 2015-09 not currently addressed by existing statutory accounting related to:
The above disclosures would be made using the same level of aggregation used elsewhere in statutory accounting.
The comment period ends March 17, 2017.
The exposed agenda item is available on the SAPWG web page.
We encourage insurance companies to review the changes and submit any comments prior to the end of the comment period. We will continue to evaluate the proposed changes and provide insight on the final standard.
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