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NAIC CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES - page 11 / 14

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Yes

Statute § 733.210(2) “Standards, p&p’s established by NAIC Manuals”

Bulletin 96-7 “Life & A&H Manual, Fire & Casualty Manual”

2/24/2000 Department Memorandum to All Authorized Insurers

The Insurance Department indicates its intention to adopt and apply Codification without change.  The Department and a domestic industry study group have finished a thorough r review of Codification, and anticipates “100% compliance” with it.  A technical “clean up” bill will be drafted for introduction in the 2001 legislative session.  Changes are anticipated in the areas of EDPequipment, bonds, prepaid expenses, policy loans, title insurance, mortgage guarantee insurance, and business combinations and goodwill.   

Person contacted:  Charles Nicoloff, Neeraj Gupta

PA

Yes

Statute § 443(2) “NAIC AP&P Manual, unless otherwise provided by law, rule, or order of Commissioner”

Bulletin 98 PA 7

NAIC Codification will be effective 1/1/2001, and will apply to quarterly financial statements filed as of  3/31/2001 for domestic insurers.  Insurers must receive written approval to implement any of the codified principles prior to 1/1/2001.

Notice No. 2000-02

Advises all domestic fraternal benefit societies that they will be required to adhere to the NAIC codified principles in preparing financial statements on the same dates as indicated for other domestic insurers (see above).

The Insurance Department has reviewed most of Codification, and is considering whether statutory changes may be needed based on “materiality” of the differences.  The Department intends to propose two rule changes in 2000, regarding EDP, sliding scale reinsurance, and allocation of expenses, to make them consistent with Codification.   Domestic industry will be given the opportunity for input beforehand.

Person contacted:  Steve Johnson

RI

Yes

Statute § 27-12-1 “ap&p manuals published by the NAIC as may be amended from time to time...”

The Insurance Department does not believe that legislation is necessary to adopt Codification.  The Department plans to notify insurers of its adoption as of 1/1/2001, likely by bulletin.

Person contacted:  Joe Torti

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