Codification parties regrouping.(Codification of Statutory Accounting Principles project)

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

Both industry officials and regulators are catching their breath and reexamining their positions prior to further discussion of the Codification of Statutory Accounting Principles project at the winter meeting of the National Association of Insurance Commissioners, which starts the end of this week in Seattle.

Both sides are evaluating their positions in light of a vote at a Financial Condition (EX4) subcommittee special meeting on Nov. 20. At that meeting, in a 9-4 vote, Ex(4) adopted a controversial disclosure document to accompany the Codification of Statutory Accounting Principles project with an amendment to allow states the right to determine whether it would be part of statutory accounting statements. A special meeting of the NAIC's Executive...

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