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NAIC CODIFICATION OF STATUTORY ACCOUNTING PRINCIPLES - page 6 / 14

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IN

Yes

Statute § 27-1-3-13 “The most recent NAIC AP&P Manual”

Proposed Senate Bill 418

Authorizes the Insurance Commissioner to allow an insurer to exceed the current statutory limit on the total value of goodwill, trade names, and other intangible assets that can be recognized as admitted assets if such assets are attributable to the insurer’s acquisition of another insurer or HMO.  Passed Senate on 2/7/2000.  Passed House on 2/23/2000.

The Insurance Department plans to issue an administrative letter or bulletin informing companies that the new manual is required by the existing statute.  The Department is undertaking a side by side analysis to identify any differences between current accounting requirements and Codification, which will be shared with the domestic industry.  This process is expected to be completed in 6/2000.

Person contacted:  Chuck Russell

IA

Yes

Statute § 508.11(43)

“Commissioner may adopt by reference NAIC AP&P Manual”

The Insurance Division plans to adopt Codification as a whole through rule making.

The Division formed a working group, including domestic companies, in 1999 to compare current accounting guidance to Codification.  The group’s work is complete, and proposed statutory changes  will be introduced as part of the Commissioner’s package during the 2000 legislative session.

Person contacted:  Bob Howe, Kim Cross

KS

Yes

Statute § 40-225 “NAIC ap&p’s with additions or amendments thereto adopted by Commissioner”

Proposed Senate Bill 443

Repeals provisions regarding liabilities for losses and loss adjustment expenses, which are inconsistent with Codification.   Passed Senate on 2/23/2000.  In House Insurance Committee.

The Insurance Department believes that Codification as a whole can be adopted without specific legislation thereto, due to its statutory reference to the NAIC AP&P Manual.  The Department has reviewed Codification, and is in the process of correcting inconsistencies through legislation.   

Person contacted:  Don Gaskill, Pat Mulvihill

KY*

Yes

Statute § 304.3-241 “ap&p’s which meet or exceed NAIC ap&p’s”

The Insurance Department believes that it has the statutory authority to adopt Codification without specific changes to the law.  The Department plans to compare existing requirements to Codification in order to determine whether any inconsistencies exist.

Person contacted: Pat Talley

8

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