At its Winter National Meeting in San Francisco, the National Association of Insurance Commissioners (NAIC) formalized changes to its Statement of Statutory Accounting Principles (SSAP) No. 10-Income Taxes.
The changes concern the appropriate amount of conservatism in the calculation of an insurer's admissible deferred tax assets, which are allowed under both Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). With the adopted change, the amount of deferred income tax assets is still significantly limited, but some of the over-conservatism has been reduced, NAIC says.
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