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NAIC – Annual Statement Updates January 2020

January 13, 2020

Combined Annual Statement – What You Need to Know

Associate member Allen Bailey & Associates has generously created a report containing the key findings of the impact to Fraternal Benefit Societies as they transition to the combined 2019 Annual Statement. Click here for their complimentary report.

State Checklists

For the first time, the Life and Fraternal annual statement blanks will be combined beginning in 2019. As a result of this change, the state checklists have also been combined and the Alliance wants to make you aware of some possible challenges related to the checklists. It has been brought to our attention that some state checklists don’t clearly differentiate between Life and Fraternal entities as it relates to specific items on the checklists. The Alliance encourages your statutory reporting staff to closely monitor the state checklists to properly comply with the Fraternal requirements.

Annual Statement Cover

As a result of the Life (blue book cover) and Fraternal (brown book cover) annual statements being combined for the first time beginning in 2019, what color should the cover be for Fraternals? Even though the 2019 annual statement pages are the same for Life Insurers and Fraternals, the cover may continue to be blue (Life) or brown (Fraternal) according to NAIC staff.

Thanks to Tip Tipton at Thrivent Financial for his help on the last two updates.