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NAIC CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES - page 12 / 14

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SC

Yes

Statute § 38-13-80(A)

“Unless Director provides otherwise, NAIC AP&P Manual”

Due to existing statutory reference to the NAIC AP&P Manual, the Insurance Department believes that Codification will become effective on 1/1/2001.  The Department is currently comparing existing accounting requirements to Codification, and expects to have the process completed by the summer.  Based on the results of the review, legislation may be proposed during the 2001 legislative session.  

Person contacted:  Tim Campbell, Linda Haralson

SD

Yes

Statute § 58-6-75 “NAIC AP&P Manual, as adopted by rule.  Director may also establish additional p&p’s considered necessary”

Regulation 20:06:25:01

“NAIC AP&P Manuals for P/C Companies, Life & A&H Companies, and HMOs, all as in effect on 5/1/98"

The Insurance Department plans to adopt Codification by regulation, which is an annual process in the accounting area.   This rule making

will provide for the opportunity to review any existing conflicts with Codification, which are not perceived at present.

Person contacted:  Wendell Malsam

TN

Yes

Statute § 56-1-501(g) “NAIC AP&P Manual in effect for the period covered by the report”

The Insurance Department notes that the statutes incorporate the NAIC Manual, and regulations incorporate the Annual Statement Instructions.  The Department is expected to issue a reminder notice to companies about the effective date of the new manual.  

Person contacted:  Bill Hosea

TX*

Yes

Regulation § 7.18 “1/96 NAIC AP&P Manual for life & health companies, 10/95 Manual for p/c, and 6/91 Manual for HMOs” (lists specific exceptions to each Manual)

The Insurance Department plans to propose a regulation in the spring of 2000 to adopt the NAIC AP&P Manual, Version Effective 1/1/2001.  The regulation will clarify the differences between Codification and TX accounting guidance.  The Department has formed a group of domestic companies and interested parties to review current guidance.

Person contacted:  Betty Patterson, Kevin Brady

UT

Yes

Statute § 31A-4-113 “In the absence of a statute providing otherwise, NAIC AP&P Manual”

The Insurance Department believes that the existing statute provides sufficient authority for the adoption of Codification.  The Department has not yet reviewed current accounting requirements to determine if any modifications to existing statutes or regulations are necessary.

Person contacted:  Larry Whitlock, C. Kaye Anderson

13

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