Statute Part XXXI, Sec. 22:1451(D) “NAIC AP&P Manual”
The Insurance Department believes that it has the statutory authority to adopt Codification, effective 1/1/2001, without further changes to the law. The Department plans to notify the Legislature about the accounting changes contained in the new manual. The Department is in the second round of reviewing Codification internally, and will provide its results to a group of domestic insurers.
Person contacted: Craig Gardner, Denise Brignac
Statute 24-A, § 423(1,5)
“NAIC AP&P Manual, with any useful or necessary modification or adaptation thereof required by Superintendent”
The Insurance Department believes that the statute provides the necessary authority to adopt Codification without further legislative action. The Department has conducted a legal review of existing accounting requirements in comparison with Codification and does not believe that any major inconsistencies exist.
Person contacted: Enya Carter
Regulation § 31.04.01.04
“NAIC AP&P Manual”
The Insurance Department believes it has sufficient authority to adopt Codification without further legislative action. The Department plans to issue a bulletin explaining the significance of Codification to domestic insurers. The Department also expects to begin a review of statutes and regulations, and will ask domestic insurers and interested parties to participate.
Person contacted: Ilona Klasons, Lester Schott
Statute Ch. 175, Sec. 25
“NAIC AP&P Manual, unless further modified by the Commissioner as he considers appropriate”
The Insurance Department believes that the existing statute adopts Codification by reference, effective 1/1/2001. The Department anticipates issuing a bulletin to domestic insurers notifying them of the adoption of Codification. The Department is performing its own review of statutes/regulations to determine if conforming changes are necessary, and intends to finish this process in the spring of 2000.
Person contacted: Bob Dynan, John Ritacco
Bulletin 97-10 “NAIC AP&P Manuals for Life & A&H, Fire & Casualty, as updated by the NAIC”
Insurance Bureau officials and the industry, with the Life Insurance Association of Michigan acting as coordinator, completed a review of Codification and made recommendations for modifications in 11/99. The Insurance Commissioner is reviewing the specific recommendations. The Bureau plans to adopt Codification, subject potentially to modifications if in conflict with state laws and regulations.
Person contacted: Jean Carlson