ITB 12-18: SSAP 101 Q1 "To Do" List

Insurance Tax Bulletin
As the reporting date for Q1 statutory quarterly statement draws near, Filers need to disclose, perhaps for the first time, the impact of the change in accounting principle brought about by the NAIC's adoption of SSAP 101. The estimated surplus impact from the adoption of SSAP 101 is treated as a change in accounting principle, which is disclosed under the provisions of SSAP 3. This impact is determined as the difference between surplus as of December 31, 2011 following SSAP 10R versus January 1, 2012 prepared under SSAP 101. Filers will need to take stock of the material changes resulting from SSAP 101, which will drive any change to surplus.

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