Ins 50.20(1)(b) “NAIC AP&P Manual”
Due to wording of rule, the Insurance Department (“OCI”) does not believe further legislative or regulatory action is necessary to adopt Codification.
OCI notified companies in its March 1999 quarterly bulletin that the existing rule “automatically adopts each year’s changes” to the NAIC manuals, and that domiciled companies should “plan to file their quarterly and annual statutory financial statements, beginning in 2001, under Codification.” OCI has compared Codification to existing statutory accounting and does not believe that any major inconsistencies exist.
Person contacted: Peter Medley
Regulation WY ADC INS Ch. 47, s. 4 “NAIC AP&P Manual”
The Insurance Department is currently reviewing Codification, and expects to propose any needed statutory changes to conform current law to the new manual Codification during the 2001 legislative session (2000 is a budget session only).
Person contacted: Linda Johnson