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ARTICLE · 02 JANUARY 2023

US NAIC Fall 2022 National Meeting Highlights: Statutory Accounting Principles (E) Working Group

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At the Fall 2022 US National Meeting of the National Association of Insurance Commissioners ("NAIC"), the Statutory Accounting Principles (E) Working Group met on December 13.

United StatesAccounting and Audit
David Alberts
David Alberts
Lawrence Hamilton
Lawrence Hamilton
Vikram Sidhu
Vikram Sidhu
Sanjiv J. Tata
Sanjiv J. Tata
Jared Wilner
Jared Wilner
Yuliya Feldman
Yuliya Feldman
Elliott S. Schreffler
Elliott S. Schreffler
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At the Fall 2022 US National Meeting of the National Association of Insurance Commissioners ("NAIC"), the Statutory Accounting Principles (E) Working Group (the "SAP WG") met on December 13. While the SAP WG considered several topics at its meeting, it adopted three non-contested positions and exposed (or re-exposed) approximately 13 other items with a comment deadline for these items of February 10, 2023. The three adopted positions are discussed below as well as certain key items that were exposed for comment.

Proposed Bond Definition

Since 2020, the SAP WG has been working on a multi-year project to substantially revise the definition of what kinds of investments qualify for "bond" treatment for statutory accounting purposes. Bond treatment is important to insurers because it results in lower risk-based capital ("RBC") charges and, for life insurers, generally means that the investment can be carried at amortized cost, rather than being marked to

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