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NAIC CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES

STATE IMPLEMENTATION

March 2000

*BiannualAmerican Council of Life Insurers

STATE

Does the state plan to adopt Codification for implementation 1/1/2001?

Current citation to AP&P Manual

How/when will AP&P Manual (version effective 1/1/2001) be implemented?

AL

Yes

Regulation No. 97, Sec. 4

“NAIC AP&P Manual except when in conflict with AL laws or rules”  

Department Bulletin 1/26/2000

Issued as “additional information” to Reg. 97, requires use by authorized insurers of the new NAIC AP&P Manual on 1/1/2001.

The Insurance Department has not yet reviewed existing accounting requirements to determine if any modifications to current statutes or regulations are necessary.

Person contacted:  Richard Ford

AK

Yes

Statute § 21.06.140(c)  

“If records are not kept as required by AP&P Manual currently approved by the NAIC, Director may employ experts to balance them...”

Bulletin 92-4 “NAIC AP&P Manual.  The Manual reflects the generally accepted ap’s for statutory accounting adopted by NAIC (EX4) Subcommittee”

Bulletin B99-08

1/1/2001 will be the effective date for the new NAIC AP&P Manual for authorized insurers in AK.  For non-domiciled insurers, the Division will accept the requirement of the domiciliary jurisdiction before 1/1/2001.  The Insurance Division believes that Codification is adopted by reference, via existing statute.

Proposed Senate Bill 209/House Bill 303

Repeals and reenacts provisions regarding allowable assets and assets not allowed.  Also amends sections regarding reserves and liabilities, and diversification of investments.

In Senate and House Labor and Commerce Committees.

Person contacted:  Gloria Glover

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