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2000 SESSION
SB 52 Insurers; accounting practices and procedures.
Introduced by: Walter A. Stosch | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Insurers; accounting practices and procedures. Incorporates by reference various guidances set forth in the accounting practices and procedures manuals of the National Association of Insurance Commissioners (NAIC). The NAIC recently adopted Statements of Statutory Accounting Practices (SSAPs) that will be the basis of new accounting guidance that will become effective for statements and disclosures filed after January 1, 2001, which is the effective date of this legislation. Existing provisions regarding the valuation of bonds, securities, and real estate, leaseholds and mortgages are repealed. References to the guidance set forth in the NAIC accounting practices and procedures manuals are substituted for current provisions for identifying assets that are not admitted for purposes of determining an insurer's financial condition.
SUMMARY AS PASSED SENATE:
Insurers; accounting practices and procedures. Incorporates by reference various guidances set forth in the accounting practices and procedures manuals of the National Association of Insurance Commissioners (NAIC). The NAIC recently adopted Statements of Statutory Accounting Practices (SSAPs) that will be the basis of new accounting guidance that will become effective for statements and disclosures filed after January 1, 2001, which is the effective date of this legislation. Existing provisions regarding the valuation of bonds, securities, and real estate, leaseholds and mortgages are repealed. References to the guidance set forth in the NAIC accounting practices and procedures manuals are substituted for current provisions for identifying assets that are not admitted for purposes of determining an insurer's financial condition.
SUMMARY AS INTRODUCED:
Insurers; accounting practices and procedures. Incorporates by reference various guidances set forth in the accounting practices and procedures manuals of the National Association of Insurance Commissioners (NAIC). The NAIC recently adopted Statements of Statutory Accounting Practices (SSAPs) that will be the basis of new accounting guidance that will become effective for statements and disclosures filed after January 1, 2001, which is the effective date of this legislation. Existing provisions regarding the valuation of bonds, securities, and real estate, leaseholds and mortgages are repealed. References to the guidance set forth in the NAIC accounting practices and procedures manuals are substituted for current provisions for identifying assets that are not admitted for purposes of determining an insurer's financial condition.