Washington - A request to establish a process that might reject certain disclosures in mutual insurers’ financial statements was in effect denied Tuesday afternoon by the NAIC’s Statutory Accounting Principles and NAIC/AICPA Working Groups, reports the National Association of Mutual Insurance Companies (NAMIC).
Known as “GAAP-like” disclosures, the additional items of accounting information are present because the accounting profession generally enforces its presence in financial statements of non-public insurers that are not subject to generally accepted accounting principles. The addition of such disclosures is particularly relevant in a period of declining investment value because of GAAP’s requirement for disclosure of fair-value information on investments, notes NAMIC. Non-public insurers, including mutuals, will presumably be required this year to include the fair-value information, despite not being subject to GAAP, said the association.
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