Statute § 58-2-165(c)
“NAIC AP&P Manual, unless further modified by Commissioner”
The Insurance Department believes that, by virtue of existing statute, Codification will take effect on 1/1/2001.
Person contacted: Ray Martinez
Regulation § 45-03-15-01,02 “NAIC AP&P
Manuals for P/C and L/H”
Gives the Commissioner specific authority to adopt the NAIC AP&P Manual by rule.
The Insurance Department is comparing current accounting requirements with Codification, in conjunction with the domestic industry. The target date for completion of analysis is 7/1/2000. Any potential legislative or regulatory changes will be assessed at that time.
Person contacted: Trent Heinemeyer
Statute § 3905.29(A)
“Superintendent shall adopt manuals prescribed by NAIC for preparation of statutory financial statements. For circumstances not addressed by manuals, Superintendent may determine ap’s”
Notification to all insurers that, pursuant to statute, the Insurance Department will adopt the new AP&P Manual, effective 1/1/2001. The current version remains in effect until 12/31/2000.
The Department expects to draft a regulatory “clean up” proposal by 5/2000, with promulgation of a rule by 8/2000, after domestic industry review.
Person contacted: Mike Motil, Barry Ward
Statute § 311(A) “NAIC AP&P Manual, as supplemented by the Commissioner by rule”
The Insurance Department believes that the reference in the statute to the NAIC Manual provides for the adoption of Codification. After annual statement filings this spring, the Department will issue a bulletin to domestic companies noting application of the new manual as of 1/1/2001. The Department believes that there are only minor existing conflicts with Codification, which are not problematic.
Person contacted: John Beers