Codification proposal prepared. (National Association of Insurance Commissioners' codification of statutory accounting principles project)

National Underwriter Property & Casualty-Risk & Benefits Management, August, 1997 by Connolly, Jim

Insurers are pressing to get ready an appendix which they will present to regulators later this month as an alternative to referencing model laws in the codification of statutory accounting principles project currently being developed by the National Association of Insurance Commissioners. Interested industry representatives have been working to complete the appendix of specific accounting guidelines in model laws sometime this week, in time for the next round of hearings on Aug.

13 and 14. Insurers have expressed concern that referencing models in codification guidelines could potentially result in a qualified accounting opinion if they adhered to state accounting guidelines rather than codification guidelines. They have maintained that the OCBOA, or...

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