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NAIC CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES - page 13 / 14

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VT

Yes

Statute T.8 § 3561 “NAIC AP&P Manual and other information required by the NAIC, and any modifications/ adaptations approved by Commissioner”

The Insurance Department believes that the current statute, which incorporates the NAIC Manual by reference, will provide for the adoption of  Codification  1/1/2001.   The Department has met with domestic companies and reviewed Codification.  Changes to the investment laws will be recommended.

Person contacted:  Kenneth McGuckin, Jackie Hughes

VA

Yes

Statute § 38.2-1300(C) “NAIC AP&P Manuals, or any other successor publications”

Administrative Letter 1999-12

Pursuant to statute, all insurance entities shall be required to adhere to the guidance set forth in the NAIC’s AP&P Manual, version effective 1/1/2001, when preparing and filing the annual statements for year ended 12/31/2001, and also all quarterly statements filed in 2001. The Insurance Department believes that its existing statute provides for the adoption of Codification.

Proposed Senate Bill 52

Amends various provisions of the law governing the accounting practices of insurers to require those sections to comply with the NAIC AP&P Manual.  Areas amended include valuation of investments and other assets, unearned premium reserves, and holding companies, among others.

Passed Senate on 1/20/2000.  Passed House on 2/21/2000.

Person contacted:  Doug Stolte

WA

Yes

Regulation § 284-07-050(2)  “To enhance consistency in accounting treatment...  NAIC AP&P Manuals... Insurers are not relieved from obligation to comply with specific requirements of Code or rules”

House Bill 1149

As introduced, the Insurance Department’s bill would have required the adoption of the NAIC’s Codification by rule, except for statutes governing insurer investments and admitted assets.  As amended, requires insurers to file financial statements in accordance with the ap&p manuals as adopted by the NAIC, unless otherwise provided by law.

Law - Effective 7/25/99.

Person contacted:  John Woodall

WV

Yes

Statute § 33-4-14 “ap&p’s prescribed by the NAIC AP&P Manual as amended”

The Insurance Department plans to issue an Administrative Letter notifying companies that Codification will be adopted on 1/1/2001, as required by current law.  The Department is reviewing Codification, and plans to draft any needed statutory or regulatory changes in the summer of 2000, for introduction in 2001.

Person contacted:  Keith Huffman, Jeff VanGilder   

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