Accounting Practices and Procedures Manual
As of March 2015
TABLE OF CONTENTS
How to Use This Manual ............................................................................................................
Summary of Changes to the As of March 2014 Version of the Accounting Practices and
Procedures Manual ..............................................................................................................
Page
xvii
xxiii
Statements of Statutory Accounting Principles (SSAP) - Volume I
Completely superseded SSAPs and nullified interpretations (INTs) are removed from the printed
Accounting Practices and Procedures Manual and posted on the "Updates to the Accounting Practices
and Procedures Manual" password-protected webpage (www.naic.org/committees_e_app_manual_
updates.htm). These items are also included in Appendix H – Superseded SSAPs and Nullified
Interpretations within the Accounting Practices and Procedures Manual Folio View CD-ROM.
No.
1
2
3
4
5R
6
7
9
11
12
15
16R
17
19
20
21
22
23
24
25
26
27
29
30
32
Title
Preamble .....................................................................................................................
Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures.........
Cash, Drafts, and Short-term Investments ....................................................................
Accounting Changes and Corrections of Errors ...........................................................
Assets and Nonadmitted Assets ....................................................................................
Liabilities, Contingencies and Impairments of Assets ...................................................
Uncollected Premium Balances, Bills Receivable for Premiums, and Amounts Due
From Agents and Brokers ......................................................................................
Asset Valuation Reserve and Interest Maintenance Reserve .........................................
Subsequent Events .......................................................................................................
Postemployment Benefits and Compensated Absences ................................................
Employee Stock Ownership Plans ...............................................................................
Debt and Holding Company Obligations ......................................................................
Electronic Data Processing Equipment and Accounting for Software ...........................
Preoperating and Research and Development Costs .....................................................
Furniture, Fixtures and Equipment; Leasehold Improvements Paid by the Reporting
Entity as Lessee; Depreciation of Property and Amortization of Leasehold
Improvements ........................................................................................................
Nonadmitted Assets .....................................................................................................
Other Admitted Assets .................................................................................................
Leases ..........................................................................................................................
Foreign Currency Transactions and Translations .........................................................
Discontinued Operations and Extraordinary Items .......................................................
Accounting for and Disclosures about Transactions with Affiliates and Other Related
Parties ....................................................................................................................
Bonds, Excluding Loan-Backed and Structured Securities ...........................................
Disclosure of Information about Financial Instruments with Off-Balance-Sheet Risk
and Financial Instruments with Concentrations of Credit Risk ...............................
Prepaid Expenses .........................................................................................................
Investments in Common Stock (excluding investments in common stock of
subsidiary, controlled, or affiliated entities) ...........................................................
Investments in Preferred Stock (including investments in preferred stock of
subsidiary, controlled, or affiliated entities) ...........................................................
© 1999-2015 National Association of Insurance Commissioners
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Table of Contents
No.
34
35R
36
37
38
39
40R
41
42
43R
44
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61R
62R
63
64
65
66
67
68
69
70
71
72
73
74
76
78
83
84
86
90
92
Title
Investment Income Due and Accrued ...........................................................................
Guaranty Fund and Other Assessments ........................................................................
Troubled Debt Restructuring ........................................................................................
Mortgage Loans ............................................................................................................
Acquisition, Development and Construction Arrangements ..........................................
Reverse Mortgages .......................................................................................................
Real Estate Investments ................................................................................................
Surplus Notes ...............................................................................................................
Sale of Premium Receivables .......................................................................................
Loan-Backed and Structured Securities ........................................................................
Capitalization of Interest ...............................................................................................
Uninsured Plans ...........................................................................................................
Joint Ventures, Partnerships and Limited Liability Companies ......................................
Policy Loans .................................................................................................................
Classifications and Definitions of Insurance or Managed Care Contracts in Force .........
Life Contracts ...............................................................................................................
Deposit-Type Contracts ................................................................................................
Property Casualty Contracts–Premiums ........................................................................
Individual and Group Accident and Health Contracts ...................................................
Unpaid Claims, Losses and Loss Adjustment Expenses ................................................
Separate Accounts ........................................................................................................
Title Insurance .............................................................................................................
Mortgage Guaranty Insurance .......................................................................................
Credit Life and Accident and Health Insurance Contracts ..............................................
Financial Guaranty Insurance .......................................................................................
Life, Deposit-Type and Accident and Health Reinsurance .............................................
Property and Casualty Reinsurance ..............................................................................
Underwriting Pools and Associations Including Intercompany Pools ...........................
Offsetting and Netting of Assets and Liabilities ............................................................
Property and Casualty Contracts ...................................................................................
Retrospectively Rated Contracts ...................................................................................
Other Liabilities ............................................................................................................
Business Combinations and Goodwill ..........................................................................
Statement of Cash Flow ...............................................................................................
Allocation of Expenses .................................................................................................
Policy Acquisition Costs and Commissions ..................................................................
Surplus and Quasi-Reorganizations ..............................................................................
Health Care Delivery Assets—Supplies, Pharmaceuticals and Surgical Supplies,
Durable Medical Equipment, Furniture, Medical Equipment and Fixtures, and
Leasehold Improvements in Health Care Facilities ...................................................
Accounting for the Issuance of Insurance-Linked Securities Issued by a Property and
Casualty Insurer Through a Protected Cell ..............................................................
Reporting on the Costs of Start-Up Activities ...............................................................
Multiple Peril Crop Insurance .......................................................................................
Mezzanine Real Estate Loans .......................................................................................
Certain Health Care Receivables and Receivables Under Government Insured Plans ....
Accounting for Derivative Instruments and Hedging, Income Generation, and
Replication (Synthetic Asset) Transactions .............................................................
Accounting for the Impairment or Disposal of Real Estate Investments ........................
Accounting for Postretirement Benefits Other than Pensions, A Replacement of
SSAP No. 14 .................................................................................................................
© 1999-2015 National Association of Insurance Commissioners
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Table of Contents
No.
93
94R
95
Title
Accounting for Low Income Housing Tax Credit Property Investments .......................
Accounting for Transferable State Tax Credits .............................................................
Exchanges of Nonmonetary Assets, A Replacement of SSAP No. 28—Nonmonetary
Transactions ...........................................................................................................
Investments in Subsidiary, Controlled and Affiliated Entities, A Replacement of
SSAP No. 88 ..........................................................................................................
Fair Value Measurements .............................................................................................
Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10 .............................
Accounting for Pensions, A Replacement of SSAP No. 89 ...........................................
Accounting for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities ................................................................................................................
Share-Based Payments ..................................................................................................
Working Capital Finance Investments...........................................................................
Affordable Care Act Section 9010 Assessment..............................................................
Accounting for the Risk-Sharing Provisions of the Affordable Care Act ......................
103-1
104R-1
105-1
106-1
107-1
INDEX to Statements of Statutory Accounting Principles - Volume I ................................
Page
1
GLOSSARY to Statements of Statutory Accounting Principles - Volume I .......................
Page
21
97
100
101
102
103
104R
105
106
107
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Appendix A – Excerpts of NAIC Model Laws – Volume I
No.
A-001
A-010
A-200
A-205
A-225
A-235
A-250
A-255
A-270
A-440
A-585
A-588
A-620
A-628
A-630
A-641
A-695
A-785
A-791
A-812
A-815
Title
Investments of Reporting Entities .................................................................................
Minimum Reserve Standards for Individual and Group Health Insurance Contracts ......
Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts ......
Illustrative Disclosure of Differences Between NAIC Statutory Accounting Practices
and Procedures and Accounting Practices Prescribed or Permitted by the State of
Domicile ..................................................................................................................
Managing General Agents .............................................................................................
Interest-Indexed Annuity Contracts ..............................................................................
Variable Annuities ........................................................................................................
Modified Guaranteed Annuities ....................................................................................
Variable Life Insurance .................................................................................................
Insurance Holding Companies ......................................................................................
Universal Life Insurance ...............................................................................................
Modified Guaranteed Life Insurance .............................................................................
Accelerated Benefits .....................................................................................................
Title Insurance ..............................................................................................................
Mortgage Guaranty Insurance .......................................................................................
Long-Term Care Insurance ...........................................................................................
Synthetic Guaranteed Investment Contracts ..................................................................
Credit for Reinsurance ..................................................................................................
Life and Health Reinsurance Agreements ......................................................................
Smoker/Nonsmoker Mortality Tables for Use in Determining Minimum Reserve
Liabilities .................................................................................................................
Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve
Liabilities .................................................................................................................
© 1999-2015 National Association of Insurance Commissioners
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Page
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A010-1
A200-1
A205-1
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A235-1
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A255-1
A270-1
A440-1
A585-1
A588-1
A620-1
A628-1
A630-1
A641-1
A695-1
A785-1
A791-1
A812-1
A815-1
Table of Contents
No.
A-817
A-818
A-820
A-821
A-822
A-830
Title
Preneed Life Insurance Minimum Standards for Determining Reserve Liabilities and
Nonforfeiture Values ..........................................................................................
Determining Reserve Liabilities for Credit Life Insurance Model Regulation ................
Minimum Life and Annuity Reserve Standards ............................................................
Annuity Mortality Table for Use in Determining Reserve Liabilities for Annuities .........
Asset Adequacy Analysis Requirements .......................................................................
Valuation of Life Insurance Policies (Including the Introduction and Use of New
Select Mortality Factors)..........................................................................................
Page
A817-1
A818-1
A820-1
A821-1
A822-1
A830-1
Appendix B - Interpretations of Emerging Accounting Issues Working Group - Volume I
Completely superseded SSAPs and nullified interpretations (INTs) are removed from the printed
Accounting Practices and Procedures Manual and posted on the "Updates to the Accounting Practices
and Procedures Manual" password-protected webpage (www.naic.org/committees_e_app_manual_
updates.htm). These items are also included in Appendix H – Superseded SSAPs and Nullified
Interpretations within the Accounting Practices and Procedures Manual Folio View CD-ROM.
No.
INT 00-03
INT 00-20
INT 00-24
INT 00-26
INT 00-28
INT 01-18
INT 01-25
INT 01-31
INT 02-22
INT 03-02
INT 04-17
INT 04-21
INT 05-05
INT 06-02
INT 06-07
INT 06-12
INT 06-13
INT 07-01
INT 08-05
INT 09-08
INT 13-03
Title
Illustration of the Accounting/Reporting of Deposit-Type Contracts in
Accordance with SSAPs No. 51, 52 and 56.......................................................
Application of SEC SAB No. 99, Materiality to the Preamble of the AP&P
Manual .............................................................................................................
EITF 98-13: Accounting by an Equity Method Investor for Investee Losses When
the Investor Has Loans to and Investments in Other Securities of the Investee
and EITF 99-10: Percentage Used to Determine the Amount of Equity Method
Losses ..............................................................................................................
EITF 98-3: Determining Whether a Nonmonetary Transaction Involves Receipt
of Productive Assets or of a Business ...............................................................
EITF 99-12: Determination of the Measurement Date for the Market Price of
Acquirer Securities Issued in a Purchase Business Combination .......................
Consolidated or Legal Entity Level – Limitations on EDP Equipment, Goodwill
and Deferred Tax Assets Admissibility .............................................................
Accounting for U.S. Treasury Inflation-Indexed Securities ....................................
Assets Pledged as Collateral ...................................................................................
Accounting for the U.S. Terrorism Risk Insurance Program ..................................
Modification to an Existing Intercompany Pooling Arrangement ...........................
Impact of Medicare Modernization Act on Postretirement Benefits ........................
EITF 02-09: Accounting for Changes that Result in a Transferor Regaining
Control of Financial Assets Sold ......................................................................
Accounting for Revenues Under Medicare Part D Coverage ..................................
Accounting and Reporting for Investments in a Certified Capital Company
(CAPCO) ........................................................................................................
Definition of Phrase “Other Than Temporary” ......................................................
Tax Deposits Submitted in Accordance with Section 6603 of the Internal
Revenue Service (IRS) Code ............................................................................
EITF 01-2: Interpretations of APB Opinion No. 29 ................................................
Application of the Scientific (constant yield) Method in Situations of Reverse
Amortization.....................................................................................................
EITF 02-11: Accounting for Reverse Spinoffs .......................................................
Accounting for Loans Received under the Federal TALF Program ........................
Clarification of Surplus Deferral in SSAP No. 92 & SSAP No. 102........................
© 1999-2015 National Association of Insurance Commissioners
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Table of Contents
Appendix C - Actuarial Guidelines - Volume II
No.
I
II
III
IV
V
VI
VII
VIII
IX
IX-A
IX-B
IX-C
X
XI
XII
XIII
XIV
XV
XVI
XVII
XVIII
XIX
XX
XXI
XXII
XXIII
XXIV
XXV
XXVI
Title
Actuarial Guidelines Table of Contents ....................................................................
Interpretation of The Standard Valuation Law Respect to the Valuation of
Policies Whose Valuation Net Premiums Exceed the Actual Gross Premium
Collected ...........................................................................................................
Reserve Requirements With Respect to Interest Rate Guidelines on Active Life
Funds Held Relative to Group Annuity Contracts ..............................................
Interpretation of Minimum Cash Surrender Benefit Under Standard Nonforfeiture
Law For Individual Deferred Annuities .............................................................
Actuarial Interpretation Regarding Minimum Reserves For Certain Forms of
Term Life Insurance ..........................................................................................
Interpretation Regarding Acceptable Approximations For Continuous Functions.....
Interpretation Regarding Use of Single Life or Joint Life Mortality Tables 20 June
1983...................................................................................................................
Interpretation Regarding Calculation of Equivalent Level Amounts .........................
The Valuation of Individual Single Premium Deferred Annuities.............................
Form Classification of Individual Single Premium Immediate Annuities For
Application of the Valuation and Nonforfeiture Laws ........................................
Use of Substandard Annuity Mortality Tables In Valuing Impaired Lives Under
Structured Settlements .......................................................................................
Clarification of Methods Under Standard Valuation Law For Individual Single
Premium Immediate Annuities, Any Deferred Payments Associated
Therewith, Some Deferred Annuities, and Structured Settlements Contracts......
Use of Substandard Annuity Mortality Tables in Valuing Impaired Lives Under
Individual Single Premium Immediate Annuities ...............................................
Guideline For Interpretation of NAIC Standard Nonforfeiture Law For Individual
Deferred Annuities ............................................................................................
Effect of an Early Election By an Insurance Company of an Operative Date Under
Section 5-C of the Standard Nonforfeiture Law For Life Insurance ...................
Interpretation Regarding Valuation and Nonforfeiture Interest Rates........................
Guideline Concerning the Commissioners’ Annuity Reserve Valuation Method .......
Surveillance Procedure For Review of the Actuarial Opinion For Life and Health
Insurers .............................................................................................................
Illustrations Guideline For Variable Life Insurance Model Regulation......................
Calculation of CRVM Reserves On Select Mortality and/or Split Interest .................
Calculation of CRVM Reserves When Death Benefits Are Not Level .......................
Calculation of CRVM Reserves On Semi-Continuous, Fully Continuous or
Discounted Continuous Basis ............................................................................
1980 CSO Mortality Table With Ten-Year Select Mortality Factors ..........................
Joint Life Functions For 1980 CSO Mortality Table .................................................
Calculation of CRVM Reserves When (B) Is Greater Than (A) and Some Rules
For Determination of (A) ...................................................................................
Interpretation Regarding Nonforfeiture Values For Policies With Indeterminate
Premiums ..........................................................................................................
Guideline Concerning Variable Life Insurance Separate Account Investments .........
Guidelines For Variable Life Nonforfeiture Values ..................................................
Calculation of Minimum Reserves and Minimum Nonforfeiture Values For
Policies With Guaranteed Increasing Death Benefits Based On an Index............
June 3, 1989—Election of Operative Dates Under Standard Valuation Law and
Standard Nonforfeiture Law ..............................................................................
© 1999-2015 National Association of Insurance Commissioners
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C-9
C-10
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C-13
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C-22
C-23
C-24
C-27
C-31
C-34
C-36
C-37
C-38
C-40
C-42
C-44
C-45
C-46
C-47
C-48
C-54
C-55
C-56
C-57
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C-68
Table of Contents
No.
XXVII
XXVIII
XXIX
XXX
XXXI
XXXII
XXXIII
XXXIV
XXXV
XXXVI
XXXVII
XXXVIII
XXXIX
XL
XLI
XLII
XLIII
XLIV
XLV
XLVI
XLVII
XLVIII
Title
Accelerated Benefits .................................................................................................
Statutory Claim Reserves For Group Long-Term Disability Contracts With A
Survivor Income Benefit Provision ....................................................................
Guideline Concerning Reserves of Companies in Rehabilitation ...............................
Guideline for the Application of Plan Type to Guaranteed Interest Contracts
(GICs) With Benefit Responsive Payment Provisions Used to Fund Employee
Benefit Plans ......................................................................................................
Valuation Issues Vs. Policy Form Approval .............................................................
Reserve for Immediate Payment of Claims ...............................................................
Determining CARVM Reserves For Annuity Contracts With Elective Benefits .........
Variable Annuity Minimum Guaranteed Death Benefit Reserves...............................
The Application of the Commissioners Annuity Reserve Method to Equity
Indexed Annuities ..............................................................................................
The Application of the Commissioners Reserve Valuation Method to Equity
Indexed Life Insurance Policies..........................................................................
Variable Life Insurance Reserves For Guaranteed Minimum Death Benefits .............
The Application of the Valuation of Life Insurance Policies Model Regulation
(“Model”) ...........................................................................................................
Reserves For Variable Annuities With Guaranteed Living Benefits ...........................
Guideline For Valuation Rate of Interest For Funding Agreements and
Guraranteed Interest Contracts (GICs) With Bail-Out Provisions .......................
Projection of Guaranteed Nonforfeiture Benefits Under CARVM .............................
The Application of the Model Regulation Permitting the Recognition of Preferred
Mortality Tables For Use In Determining Minimum Reserve Liabilities ..............
CARVM For Variable Annuities ...............................................................................
Group Term Life Waiver of Premium Disabled Life Reserves ..................................
The Application of the Standard Nonforfeiture Law For Life Insurance to Certain
Policies Having Intermediate Cash Benefits ........................................................
Interpretation of the Calculation of the Segment Length With Respect to the Life
Insurance Policies Model Regulation Upon a Change in the Valuation
Mortality Rates Subsequent to Issue ...................................................................
The Application of Company Experience in the Calculation of Claim Reserves
Under the 2012 Group Long-Term Disability Valuation Table ............................
Actuarial Opinion and Memorandum Requirements for the Reinsurance of
Policies Required to be Valued under Sections 6 and 7 of the NAIC
Valuation of Life Insurance Policies Model Regulation (Model 830) ..................
Actuarial Guidelines – Appendices ...........................................................................
C-1 Appendix to Guidelines—Maximum Reserve Valuation and Maximum
Life Policy Nonforfeiture Interest Rates ...............................................
C-2 Interpretations of the Emerging Actuarial Issues (E) Working Group .........
Actuarial INT 01 ..................................................................................
Actuarial INT 02 ..................................................................................
Actuarial INT 03 ..................................................................................
Actuarial INT 04 ..................................................................................
Actuarial INT 05 ..................................................................................
Actuarial INT 06 ..................................................................................
Actuarial INT 07 ..................................................................................
Actuarial INT 08 ..................................................................................
Actuarial INT 09 ..................................................................................
Actuarial INT 10 ..................................................................................
Actuarial INT 11 ..................................................................................
© 1999-2015 National Association of Insurance Commissioners
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C-75
C-76
C-78
C-80
C-81
C-83
C-90
C-102
C-112
C-124
C-131
C-148
C-150
C-154
C-156
C-161
C-243
C-251
C-254
C-256
C-260
C-270
C-271
C-301
C-302
C-303
C-304
C-305
C-306
C-308
C-309
C-310
C-311
C-312
C-313
Table of Contents
No.
Title
Actuarial INT 12..................................................................................
Actuarial INT 13..................................................................................
Actuarial INT 14..................................................................................
Actuarial INT 15..................................................................................
Actuarial INT 16..................................................................................
Actuarial INT 17..................................................................................
Actuarial INT 18..................................................................................
Actuarial INT 19..................................................................................
Actuarial INT 20..................................................................................
Actuarial INT 21..................................................................................
Actuarial INT 22..................................................................................
Actuarial INT 23..................................................................................
Actuarial INT 24..................................................................................
Actuarial INT 25..................................................................................
Actuarial INT 26..................................................................................
Actuarial INT 27..................................................................................
Actuarial INT 28..................................................................................
Actuarial INT 29..................................................................................
Actuarial INT 30..................................................................................
Actuarial INT 31..................................................................................
Actuarial INT 32..................................................................................
Actuarial INT 33..................................................................................
Actuarial INT 34..................................................................................
Actuarial INT 35..................................................................................
Actuarial INT 36..................................................................................
Actuarial INT 37..................................................................................
Actuarial INT 38..................................................................................
Actuarial INT 39..................................................................................
Actuarial INT 40..................................................................................
Actuarial INT 41..................................................................................
Page
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C-316
C-317
C-318
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C-320
C-321
C-322
C-323
C-325
C-326
C-327
C-328
C-329
C-330
C-331
C-332
C-334
C-335
C-336
C-337
C-338
C-339
C-340
C-341
C-342
C-343
C-345
C-346
Appendix D - GAAP Cross-Reference to SAP - Volume II
Title
Accounting Standards Updates .....................................................................................................
Pre-FASB Codification Category A - FASB Statements and Interpretations, APB Opinions,
and AICPA Accounting Research Bulletins.............................................................................
Pre-FASB Codification Category B - FASB Technical Bulletins, FASB Staff Positions, AICPA
Industry Audit and Accounting Guides, and AICPA Statements of Position ...........................
Pre-FASB Codification Category C - Consensus positions of the FASB Emerging Issues Task
Force and AICPA Practice Bulletins .......................................................................................
Pre-FASB Codification Category D - AICPA Accounting Interpretations .....................................
FASB Codification to Pre-Codification GAAP .............................................................................
Page
D-1
D-9
D-42
D-66
D-109
D-111
Appendix E - Issue Papers - Volume II includes Issue Papers 1-75
Volume III includes Issue Papers 76-150
No.
1
2
Title
Vol. II
Consolidation of Majority-Owned Subsidiaries .............................................................
Definition of Cash.........................................................................................................
© 1999-2015 National Association of Insurance Commissioners
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IP 2-1
Table of Contents
No.
3
4
5
6
7
8
9
10
11
12
13
14
16
17
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
Title
Accounting Changes ......................................................................................................
Definition of Assets and Nonadmitted Assets ................................................................
Definition of Liabilities, Loss Contingencies and Impairments of Assets .......................
Amounts Due From Agents and Brokers .......................................................................
Asset Valuation Reserve and Interest Maintenance Reserve ...........................................
Accounting for Pensions ...............................................................................................
Subsequent Events ........................................................................................................
Uncollected Premium Balances ......................................................................................
Compensated Absences .................................................................................................
Accounting for Drafts Issued and Outstanding ..............................................................
Employers’ Accounting for Postemployment Benefits ...................................................
Employers’ Accounting for Postretirement Benefits Other Than Pensions .....................
Electronic Data Processing Equipment and Software .....................................................
Preoperating and Research and Development Costs.......................................................
Furniture, Fixtures and Equipment ................................................................................
Gain Contingencies........................................................................................................
Bills Receivable For Premiums ......................................................................................
Leases............................................................................................................................
Property Occupied by the Company ..............................................................................
Discontinued Operations and Extraordinary Items .........................................................
Accounting for and Disclosures about Transactions with Affiliates and Other Related
Parties ......................................................................................................................
Bonds, Excluding Loan-Backed and Structured Securities ............................................
Disclosure of Information about Financial Instruments with Concentration of Credit
Risk .........................................................................................................................
Short-term Investments .................................................................................................
Prepaid Expenses (excluding deferred policy acquisition costs and other underwriting
expenses, income taxes and guaranty fund assessments) .........................................
Investments in Common Stock (excluding investments in common stock of
subsidiary, controlled, or affiliated entities) .............................................................
Leasehold Improvements Paid by the Reporting Entity as Lessee...................................
Investments in Preferred Stock (excluding investments in preferred stock of
subsidiary, controlled, or affiliated entities) .............................................................
Disclosures about Fair Value of Financial Instruments ..................................................
Investment Income Due and Accrued ............................................................................
Accounting for Guaranty Fund and Other Assessments .................................................
Troubled Debt Restructurings ........................................................................................
Mortgage Loans .............................................................................................................
Acquisition, Development and Construction Arrangements ...........................................
Reverse Mortgages ........................................................................................................
Real Estate Investments .................................................................................................
Surplus Notes ................................................................................................................
Sale of Premium Receivables ........................................................................................
Loan-backed and Structured Securities .........................................................................
Capitalization of Interest ................................................................................................
Repurchase Agreements, Reverse Repurchase Agreements and Dollar Repurchase
Agreements ..............................................................................................................
Accounting for Investments in Subsidiary, Controlled and Affiliated Entities ................
Uninsured Plans ............................................................................................................
Investments in Joint Ventures, Partnerships and Limited Liability Companies ...............
Policy Loans ..................................................................................................................
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Table of Contents
No.
50
51
52
53
54
55
56
57
59
65
66
67
68
69
71
72
73
74
75
76
77
78
80
81
82
83
84
85
86
87
88
89
90
92
94
95
96
97
99
100
101
103
104
105
106
Title
Classifications and Definitions of Insurance or Managed Care Contracts in Force.........
Life Contracts ...............................................................................................................
Deposit-Type Contracts.................................................................................................
Property Casualty Contracts–Premiums ........................................................................
Individual and Group Accident and Health Contracts ....................................................
Unpaid Claims, Losses and Loss Adjustment Expenses .................................................
Universal Life-Type Contracts, Policyholder Dividends, and Coupons .........................
Title Insurance ..............................................................................................................
Credit Life and Accident and Health Insurance Contracts ..............................................
Property and Casualty Contracts ...................................................................................
Accounting for Retrospectively Rated Contracts ...........................................................
Depreciation of Property and Amortization of Leasehold Improvements.......................
Business Combinations and Goodwill ...........................................................................
Financial Guaranty Insurance ........................................................................................
Policy Acquisition Costs and Commissions...................................................................
Statutory Surplus ..........................................................................................................
Nonmonetary Transactions ...........................................................................................
Life, Deposit-Type and Accident and Health Reinsurance .............................................
Property and Casualty Reinsurance ...............................................................................
Vol. III
Offsetting and Netting of Assets and Liabilities .............................................................
Disclosure of Accounting Policies, Risks & Uncertainties, and Other Disclosures .........
Employee Stock Ownership Plans.................................................................................
Debt ..............................................................................................................................
Foreign Currency Transactions and Translations...........................................................
Stock Options and Stock Purchase Plans ......................................................................
Accounting for Income Taxes .......................................................................................
Quasi-reorganizations ...................................................................................................
Derivative Instruments ..................................................................................................
Securitization ................................................................................................................
Other Admitted Assets ..................................................................................................
Mortgage Guaranty Insurance .......................................................................................
Separate Accounts.........................................................................................................
Nonadmitted Assets ......................................................................................................
Statement of Cash Flow ................................................................................................
Allocation of Expenses..................................................................................................
Holding Company Obligations ......................................................................................
Other Liabilities ............................................................................................................
Underwriting Pools and Associations Including Intercompany Pools ............................
Nonapplicable GAAP Pronouncements .........................................................................
Health Care Delivery Assets—Supplies, Pharmaceuticals and Surgical Supplies, and
Durable Medical Equipment.....................................................................................
Health Care Delivery Assets—Furniture, Medical Equipment and Fixtures, and
Leasehold Improvements in Health Care Facilities ...................................................
Accounting for the Issuance of Insurance-Linked Securities Issued by a Property and
Casualty Insurer through a Protected Cell ................................................................
Reinsurance Deposit Accounting - An Amendment to SSAP No. 62R—Property and
Casualty Reinsurance ...............................................................................................
Reporting on the Costs of Start-Up Activities ................................................................
Real Estate Sales – An Amendment to SSAP No. 40—Real Estate Investments .............
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No.
107
108
109
110
111
112
113
114
116
118
119
121
122
123
124
125
126
127
128
129
131
132
133
134
135
137
138
140
141
143
144
145
146
147
148
Title
Certain Health Care Receivables and Receivables Under Government Insured Plans .....
Multiple Peril Crop Insurance ........................................................................................
Depreciation of Nonoperating System Software – An Amendment to SSAP No. 16—
Electronic Data Processing Equipment and Software................................................
Life Contracts, Deposit-Type Contracts and Separate Accounts, Amendments to SSAP
No. 51—Life Contracts, SSAP No. 52—Deposit-Type Contracts, and SSAP No.
56—Separate Accounts ..........................................................................................
Software Revenue Recognition....................................................................................
Accounting for the Costs of Computer Software Developed or Obtained for Internal
Use and Web Site Development Costs ...................................................................
Mezzanine Real Estate Loans .......................................................................................
Accounting for Derivative Instruments and Hedging Activities ....................................
Claim Adjustment Expenses, Amendments to SSAP No. 55—Unpaid Claims, Losses
and Loss Adjustment Expenses ..............................................................................
Investments in Subsidiary, Controlled and Affiliated Entities, A Replacement of SSAP
No. 46 ...................................................................................................................
Capitalization Policy, An Amendment to SSAP Nos. 4, 19, 29, 73, 79 and 82 ..............
Accounting for the Impairment or Disposal of Real Estate Investments ......................
Accounting for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities ...............................................................................................................
Accounting for Pensions, A Replacement of SSAP No. 8 ............................................
Treatment of Cash Flows When Quantifying Changes in Valuation and Impairments,
an Amendment of SSAP No. 43 ............................................................................
Accounting for Low Income Housing Tax Credit Property Investments ......................
Accounting for Transferable State Tax Credits ............................................................
Exchanges of Nonmonetary Assets, A Replacement of SSAP No. 28—Nonmonetary
Transactions ..........................................................................................................
Settlement Requirements for Intercompany Transactions, An Amendment to SSAP
No.25—Accounting for and Disclosures about Transactions with Affiliates and
Other Related Parties .............................................................................................
Share-Based Payment, A Replacement of SSAP No. 13—Stock Options and Stock
Purchase Plans ......................................................................................................
Accounting for Certain Securities Subsequent to an Other-Then-Temporary
Impairment............................................................................................................
Accounting for Pensions, A Replacement of SSAP No. 89 ..........................................
Accounting for Postretirement Benefits Other Than Pensions, A Replacement of
SSAP No. 14 .........................................................................................................
Servicing Assets/Liabilities, An Amendment of SSAP No. 91......................................
Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others ......................................................
Transfer of Property and Casualty Reinsurance Agreements in Run-off ......................
Fair Value Measurements ............................................................................................
Substantive Revisions to SSAP No. 43—Loan-Backed and Structured Securities ........
Accounting for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities ...............................................................................................................
Prospective-Based Guaranty Fund Assessments ..........................................................
Substantive Revisions To SSAP No. 91R: Securities Lending......................................
Accounting for Transferable and Non-Transferable State Tax Credits .........................
Share-Based Payments With Non-Employees ..............................................................
Working Capital Finance Investments .........................................................................
Affordable Care Act Section 9010 Assessment ............................................................
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No.
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150
Title
Wholly-Owned Single Real Estate Property in an LLC .................................................
Accounting for the Risk-Sharing Provisions of the Affordable Care Act......................
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Appendix F - Policy Statements - Volume III
Title
NAIC Policy Statement on Maintenance of Statutory Accounting Principles .................................
NAIC Policy Statement on Comments to GAAP Exposure Drafts .................................................
NAIC Policy Statement on Statutory Accounting Principles Maintenance Agenda Process ............
NAIC Policy Statement on Emerging Accounting Issues Agenda Process .....................................
NAIC Policy Statement on the Impact of Statements of Statutory Accounting Principles on
NAIC Publications ................................................................................................................
NAIC Policy Statement on Coordination of the Accounting Practices and Procedures Manual
and the Annual Statement Blank ...........................................................................................
Page
F-1
F-3
F-5
F-9
F-11
F-13
Appendix G – Implementation Guide (Guide) for the Annual Financial Reporting Model
Regulation (Model) - Volume III
Title
Definitions ....................................................................................................................................
General Requirements Related to Filing and Extensions for Filing of Annual Audited Financial
Reports and Audit Committee Appointment ..........................................................................
Qualifications of Independent Certified Public Accountant ..........................................................
Communication of Internal Control Related Matters Noted in an Audit.........................................
Requirements for Audit Committees ............................................................................................
Management’s Report of Internal Control over Financial Reporting .............................................
Exemptions and Effective Dates ....................................................................................................
Appendix 1 ...................................................................................................................................
Page
G-2
G-4
G-4
G-10
G-11
G-13
G-17
G-22
Appendix H – Superseded SSAPs and Nullified Interpretations
Completely superseded SSAPs and nullified interpretations (INTs) are removed from the printed
Accounting Practices and Procedures Manual and posted on the "Updates to the Accounting Practices
and Procedures Manual" password-protected webpage (www.naic.org/committees_e_app_manual_
updates.htm). These items are also included in Appendix H – Superseded SSAPs and Nullified
Interpretations within the Accounting Practices and Procedures Manual Folio View CD-ROM.
Superseded SSAPs
No.
8
10
10R
13
14
18
28
31
33
45
46
Title
Pensions
Income Taxes
Income Taxes—A Temporary Replacement of SSAP No. 10
Stock Options and Stock Purchase Plans
Postretirement Benefits Other Than Pensions
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
Nonmonetary Transactions
Derivative Instruments
Securitization
Repurchase Agreements, Reverse Repurchase Agreements and Dollar Repurchase Agreements
Investments in Subsidiary, Controlled, and Affiliated Entities
© 1999-2015 National Association of Insurance Commissioners
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Table of Contents
No.
75
77
79
80
81
82
85
87
88
89
91R
96
98
99
Title
Reinsurance Deposit Accounting—An Amendment to SSAP No. 62R—Property and Casualty
Reinsurance
Real Estate Sales—An Amendment to SSAP No. 40—Real Estate Investment
Depreciation of Nonoperating System Software —An Amendment to SSAP No. 16—Electronic
Data Processing Equipment and Software
Life Contracts, Deposit-Type Contracts and Separate Accounts, Amendments to SSAP No. 51—
Life Contracts, SSAP No. 52—Deposit-Type Contracts, and SSAP No. 56—Separate
Accounts
Software Revenue Recognition
Accounting for the Costs of Computer Software Developed or Obtained for Internal Use and
Web Site Development Costs
Claim Adjustment Expenses, Amendments to SSAP No. 55—Unpaid Claims, Losses and Loss
Adjustment Expenses
Capitalization Policy, An Amendment to SSAP Nos. 4, 19, 29 and 73
Investments in Subsidiary, Controlled and Affiliated Entities, A Replacement of SSAP No. 46
Accounting for Pensions, A Replacement of SSAP No. 8
Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
Settlement Requirements for Intercompany Transactions, An Amendment to SSAP No. 25—
Accounting for and Disclosures about Transactions with Affiliates and Other Related Parties
Treatment of Cash Flows When Quantifying Changes in Valuation and Impairments, an
Amendment of SSAP No. 43
Accounting for Certain Securities Subsequent to an Other-Than-Temporary Impairment
Nullified Interpretations
No.
INT 99-00
INT 99-01
INT 99-02
INT 99-03
INT 99-04
INT 99-10
INT 99-14
INT 99-16
INT 99-17
INT 99-18
INT 99-21
INT 99-22
INT 99-23
INT 99-24
INT 99-25
INT 99-26
INT 99-27
INT 99-28
INT 99-29
Title
Compilation of Rejected EITFs
Accounting for Tax Benefits of Operating Losses and Tax Credits in QuasiReorganizations
Accounting for Collateral in Excess of Debt Principal
Accounting for Investment in Subsidiary, Controlled or Affiliated (SCA) Entities with
Subsequent Downstream Investment in an Insurance Company
Recognition of Prepayment Penalties Upon Adoption of Codification
EITF 97-8: Accounting for Contingent Consideration Issued in a Purchase Business
Combination
EITF 96-19: Debtor’s Accounting for a Modification or Exchange of Debt Instruments
EITF 97-11: Accounting for Internal Costs Relating to Real Estate Property Acquisitions
EITF 97-12: Accounting for Increased Share Authorizations in an IRS Section 423
Employee Stock Purchase Plan under APB Opinion No. 25
EITF 97-13: Accounting for Costs Incurred in Connection with a Consulting Contract or
an Internal Project That Combines Business Process Reengineering and Information
Technology Transformation
EITF 98-7: Accounting for Exchanges of Similar Equity Method Investments
EITF 98-8: Accounting for Transfers of Investments That Are in Substance Real Estate
Disclosure of Premium Deficiency Reserves
Accounting for Restructuring Charges
Accounting for Capital Improvements
Offsetting Pension Assets and Liabilities
Nonadmitting Installment Receivables
Accounting for SCA Mutual Funds, Broker-Dealers and Similar Entities Under SSAP
No. 46
Classification of Step-Up Preferred Stock
© 1999-2015 National Association of Insurance Commissioners
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Table of Contents
No.
INT 00-01
INT 00-02
INT 00-04
INT 00-05
INT 00-06
INT 00-08
INT 00-10
INT 00-11
INT 00-12
INT 00-21
INT 00-22
INT 00-23
INT 00-27
INT 00-29
INT 00-30
INT 00-31
INT 00-32
INT 01-01
INT 01-03
INT 01-04
INT 01-05
INT 01-07
INT 01-10
INT 01-11
INT 01-12
INT 01-14
INT 01-16
INT 01-17
INT 01-19
INT 01-20
INT 01-21
INT 01-22
INT 01-23
INT 01-24
INT 01-26
Title
Investment in Foreign SCA Entity
Accounting for Leveraged Leases Involving Commercial Airplanes Under SSAP No. 22
—Leases
Student Loan Insurance
Exemption to Merger Disclosure in SSAP No. 3
EITF 97-14: Accounting for Deferred Compensation Arrangements Where Amounts
Earned Are Held in a Rabbi Trust and Invested
EITF 98-5: Accounting for Convertible Securities with Beneficial Conversion Features or
Contingently Adjustable Conversion Ratios
EITF 98-14: Debtor’s Accounting for Changes in Line-of-Credit or Revolving-Debt
Arrangements
EITF 98-15: Structured Notes Acquired for a Specified Investment Strategy
EITF 99-4: Accounting for Stock Received from the Demutualization of a Mutual
Insurance Company
Disclose Requirement of SSAP No. 10 Paragraphs 17 & 18
Application of SSAP No. 10 to Admissibility of Deferred Tax Assets
Reinsurance of Deposit Type Contracts
EITF 98-9: Accounting for Contingent Rent
EITF 99-17: Accounting for Advertising Barter Transactions
Application of SSAP No. 51 Paragraph 6 to Waiver of Deduction on Flexible Premium
Universal Life Insurance Policies
Application of SSAP No. 55 Paragraph 13 to Health Entities
EITF 00-8: Accounting by a Grantee for an Equity Instrument to Be Received in
Conjunction with Providing Goods or Services
Application of SSAP No. 6 Paragraph 9.a. to de minimus Receivable Balances of Group
Accident and Health Policies
Assets Pledged as Collateral or Restricted for the Benefit of a Related Party
SSAP Nos. 18 and 33 and Issues Surrounding Securitizations
Classification of Accrued Interest on Policy Loans
EITF 98-2: Accounting by a Subsidiary or Joint Venture for an Investment in the Stock
of Its Parent Company or Joint Venture Partner
EITF 00-1: Investor Balance Sheet and Income Statement Display under the Equity
Method for Investments in Certain Partnerships and Other Ventures
EITF 00-10: Accounting for Shipping and Handling Fees and Costs
EITF 00-14: Accounting for Certain Sales Incentives
EITF 00-16: Recognition and Measurement of Employer Payroll Taxes on Employee
Stock-Based Compensation
Measurement Date for SSAP No. 8 Actuarial Valuations
Accounting for Nonqualified Retirement Plans, Nonvested Ancillary Benefits Within
Retirement Plans, and Protected Benefits Such as Early Retirement Subsidies in
Retirement Plans
Measurement of Deferred Tax Assets Associated with Nonadmitted Assets
Utilization of Tax Planning Strategies for the Admissibility of Deferred Tax Assets
SSAP Nos. 16R, 19, 68 and 79 – Reestablishment of Previously Expensed Software and
Furniture, Fixtures and Equipment and Goodwill
Use of Interim Financial Statements in Computing Reporting Entity’s Investment in
Subsidiary Under the GAAP Equity Method
Prepaid Legal Insurance Premium Recognition
Application of SSAP No. 46 and 48 to Certain Noninsurance Subsidiary, Controlled or
Affiliated Entities
SSAP No. 51 and Reserve Minimum or Required Amount
© 1999-2015 National Association of Insurance Commissioners
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No.
INT 01-27
INT 01-28
INT 01-29
INT 01-32
INT 01-33
INT 02-01
INT 02-02
INT 02-03
INT 02-04
INT 02-05
INT 02-06
INT 02-07
INT 02-08
INT 02-09
INT 02-10
INT 02-11
INT 02-15
INT 02-17
INT 02-18
INT 02-19
INT 02-20
INT 02-21
INT 03-01
INT 03-03
INT 03-05
INT 03-12
INT 03-16
INT 03-17
INT 03-18
INT 04-01
INT 04-02
INT 04-03
INT 04-05
INT 04-07
INT 04-10
Title
Accounting Change versus Correction of Error
Margin for Adverse Deviation in Claim Reserve
SSAP No. 59 and Application to Credit Life
EITF 01-10: Accounting for the Impact of the Terrorist Attacks of September 11, 2001
Extension of 9-Month Rule in SSAP No. 62R
Disclosure Requirements Under SSAP for Differences Between A-785 and Individual
State Requirements as a Result of September 11
SSAP No. 6 and Billing of Premium Before Effective Date
Accounting for the Impact of the Terrorist Attacks of September 11th on Commercial
Mortgage Loans
Recognition of CARVM and CRVM Expense Allowances by the Assuming Reinsurer in
a Modified Coinsurance Agreement
Accounting for Zero Coupon Convertible Bonds
Indemnification in Modeled Trigger Transactions
Definition of Phrase “Other Than Temporary”
Application of A-791 to YRT Reinsurance of a Block of Business
A-785 and Syndicated Letters of Credit
Statutory Audit Report Notes and the Reporting Requirements Related to Disclosures
Containing Multiple Year Information
Recognition of Amounts Related to Earned but Unbilled Premium
EITF 00-11: Lessors’ Evaluation of Whether Leases of Certain Integral Equipment Meet
the Ownership Transfer Requirements of FASB Statement 13
EITF 01-13: Income Statement Display of Business Interruption Insurance Recoveries
Accounting for the Intangible Asset as Described in SSAP No. 8 Paragraphs 9.d.v. and
9.f.
EITF 01-1: Accounting for a Convertible Instrument Granted or Issued to a
Nonemployee for Goods or Services or a Combination of Goods or Services and
Cash
Due Date for Installment Premium Under an Agency Relationship
Accounting for Prepaid Loss Adjustment Expenses and Claim Adjustment Expenses
Application of SSAP No. 35 to the Florida Hurricane Catastrophe Fund
Admissibility of Investments Recorded Based on the Audited GAAP Equity of the
Investee when a Qualified Opinion is Provided
EITF 01-07: Creditor’s Accounting for a Modification or Exchange of Debt Instruments
EITF 02-4: Determining Whether a Debtor’s Modification or Exchange of Debt
Instruments is within the Scope of FASB Statement No. 15
Contribution of Stock
Classification of Liabilities from Extra Contractual Obligation Lawsuits
Accounting for a Change in the Additional Minimum Liability in SSAP No. 8—Pensions
(SSAP No. 8)
Applicability of New GAAP Disclosures Prior to NAIC Consideration
Surplus Notes Issued by Entities Under Regulatory Action
Clarification for Calculating the Additional Minimum Pension Liability Under SSAP No.
89—Accounting for Pensions, A Replacement of SSAP No. 8, paragraph 16.f.
Clarification of SSAP No. 5R Guidance on when a Judgment is Deemed Rendered
EITF 02-15: Determining Whether Certain Conversions of Convertible Debt to Equity
Securities Are Within the Scope of FASB Statement No. 84
EITF 02-18: Accounting for Subsequent Investments in an Investee after Suspension of
Equity Method Loss Recognition
© 1999-2015 National Association of Insurance Commissioners
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Table of Contents
No.
INT 04-12
INT 04-13
INT 04-15
INT 04-18
INT 04-20
INT 05-04
INT 05-06
INT 06-14
INT 07-03
INT 08-02
INT 08-03
INT 08-04
INT 08-06
INT 08-07
INT 08-08
INT 08-10
INT 09-03
INT 09-04
INT 09-05
INT 13-01
INT 13-04
Title
EITF 03-4: Determining the Classification and Benefit Attribution Method for a "Cash
Balance" Pension Plan
EITF 03-5: Applicability of AICPA Statement of Position 97-2 to Non-Software
Deliverables in an Arrangement Containing More-Than-Incidental Software
EITF 03-07: Accounting for the Settlement of the Equity-Settled Portion of a Convertible
Debt Instrument That Permits or Requires the Conversion Spread to Be Settled in
Stock (Instrument C of Issue No. 90-19)
EITF 00-21: Revenue Arrangements with Multiple Deliverables
EITF 01-08: Determining Whether an Arrangement Contains a Lease
Extension of Ninety-day Rule for the Impact of Hurricane Katrina, Hurricane Rita and
Hurricane Wilma
Earned But Uncollected Premium
Reporting of Litigation Costs Incurred for Lines of Business in which Legal Expenses
Are the Only Insured Peril
EITF 06-3: How Taxes Collected from Customers and Remitted to Governmental
Authorities Should Be Presented in the Income Statement (That is, Gross versus Net
Presentation)
EITF 06-8: Applicability of the Assessment of a Buyer's Continuing Investment under
FASB Statement No. 66 for Sales of Condominiums
EITF 06-9: Reporting a Change in (or the elimination of) a Previously Existing
Difference between the fiscal Year-End of a Parent Company and That of a
Consolidated Entity or between the Reporting Period of an Investor and That of an
Equity Method Investee
EITF 07-3: Accounting for Nonrefundable Advance Payments for Goods or Services
Received for Use in Future Research and Development Activities
FSP EITF 00-19-2: Accounting for Registration Payment Arrangements
EITF 07-6: Accounting for the Sale of Real Estate Subject to the Requirements of FASB
Statement No. 66 When the Agreement Includes a Buy-Sell Clause
Balance Sheet Presentation of Funding Agreements Issued to a Federal Home Loan Bank
Contractual Terms of Investments and Investor Intent
EITF 08-7: Accounting for Defensive Intangible Assets
Application of the Fair Value Definition
EITF 08-3: Accounting by Lessees for Maintenance Deposits
Extension of Ninety-Day Rule for the Impact of Hurricane/Superstorm Sandy
Accounting for the Risk-Sharing Provisions of the Affordable Care Act
© 1999-2015 National Association of Insurance Commissioners
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