Upcoming Changes in Reporting Requirements | Regulatory Alert
The NAIC instituted several changes in 2018 that will impact the way all insurers – fraternal and commercial – report certain information to regulators. The Alliance has prepared the attached list of NAIC Resources to help members keep current with developments that will affect they way they report such data and identify updates to NAIC financial reporting requirements.
In addition, the Alliance has highlighted the following key changes to the quarterly and annual statements for 2019. Because of the importance of these changes, this email is being sent to all Alliance members and associate members. The items referenced below are critically important to the individuals and/or retained consultants who are responsible for preparing your society’s annual statement and audit report. We encourage you to ensure that this information is shared with those in your society responsible for such filings.
2018-18BWG – Combine the annual and quarterly reporting for life insurers and fraternal benefit societies into one blank. Combined blank will be based on changes to the existing life blank. This is effective with the 1Q 2019 quarterly statement.
2018-22BWG – Add columns to show more granularity to the following Life/Fraternal annual statement pages: Analysis of Operations by Lines of Business, Analysis Of Increase In Reserves (Life and Annuity) and Analysis Of Increase in Reserves (Accident & Health)---known as Exhibit 6. This is effective with the 2019 annual statement.
2018-21BWG – Add new Note 33, Analysis of Life Actuarial Reserves and Deposit Type Liabilities by Withdrawal Characteristics. Add new line to Note 32, Analysis of Annuity Actuarial Reserves and Deposit Type Contracts by Withdrawal Characteristics that identifies surrender charges over 5% in the current year that will be less than 5% in the subsequent year. This is effective with the 2019 annual statement.
We hope you find this information valuable and welcome your comments and suggestions as to how the Alliance can better provide members important information such as this.
President and CEO
American Fraternal Alliance