Statute § 60A.13(Subdiv.1) “NAIC AP&P Manual, unless the Commissioner requires another method of reasonable valuation”
The Insurance Department believes that the existing statute authorizes the new manual. The Department may issue a bulletin informing insurers of the new manual. The Department has solicited input from insurers, identified statutory changes to conform to Codification, and has drafted legislation expected to be introduced in 2000 session.
Person contacted: Charles Nettell, Jill Rickheim
Statute § 83-5-55 “NAIC AP&P Manual”
The Insurance Department believes that the existing statute provides for the adoption of Codification. The Department may send a letter or bulletin about prospective adoption of the new manual with the 2000 Annual Statement mailing.
The Department believes that no significant conflict exists between current accounting requirements and Codification.
Person contacted: James Ainsworth
Regulation 20 CSR 200-1.020(1) “ NAIC AP&P Manuals for Fire & Casualty, Life & A&H, except where applicable provisions of Ch. 374-385, or specific rules, expressly provide otherwise”
The Insurance Department intends to amend its existing regulation in order to adopt Codification. The Department will likely propose legislation to conform existing statutes to Codification, where necessary.
Person contacted: Joe Haverstick
Statute § 33-2-701 “NAIC AP&P Manual”
The Insurance Department believes that it has the statutory authority to adopt Codification without specific additional wording. The Department has not yet reviewed existing accounting requirements to determine whether any modifications to current statutes or rules are necessary.
Person contacted: Jim Borchardt
Statute § 44-322(1) “NAIC AP&P Manual”
Requires all companies to prepare their financial statements in accordance with the ap&p manuals as prescribed by the Director which conform substantially to the NAIC AP&P Manuals on and after 1/1/2001. .
Conforms or repeals various statutory accounting standards that duplicate or are in conflict with Codification so as to avoid needless reporting of differences. Includes amendments to the life/health guaranty association regarding the admissibility of assets.
Person contacted: Dave Krumm