Regulation § 4-137.001
“NAIC AP&P Manuals for Life & A&H, P&C, 1998 version” (updated annually)
The Insurance Department plans to adopt Codification by rule, as they have the statutory authority to do so. The Department formed an internal working group in 1999 to compare existing accounting requirements to Codification and evaluate the need for any statutory changes.
Person contacted: Michelle Newell
Regulation § 120-2-18-.07 “NAIC AP&P Manual incorporated by reference”
The Insurance Department has reviewed its statutes and regulations in comparison with Codification, and believes that statutory changes may not be necessary.
Person contacted: Don Roof, Amy Atkinson
Statute § 431:3-301(a)(1)(A) “NAIC AP&P Manual”
The Insurance Department plans to adopt Codification based on the existing statutory reference. The Department has formed a committee to review the new manual’s adoption.
Person contacted: George Ito, Jim Mzyk
Statute § 41-335 “Unless otherwise required by Director, NAIC AP&P Manual”
The Insurance Department believes that the statute provides sufficient authority to adopt Codification without additional legislation. The Department plans to issue a bulletin to domestics informing them of the new manual’s adoption. The Department believes that no conflicting authority exists between current accounting requirements and Codification.
Person contacted: Candy Kinch, Martha Hopper
Statute 215 ILCS 5/136
“NAIC AP&P Manual. Director has power to make modifications and additions”
Repeals most statutory definitions of “admitted assets,” and adds HMOs and limited health services organizations to those entities required to prepared the annual statement is accordance with the NAIC AP&P Manual.
Clarifies the current definition of “admitted assets,” the language of which was inadvertently stricken in HB 2777 (above), due to a change in the effective date.
Person contacted: Arnie Dutcher