- During the opening of the NAIC Summer 2016 National Meeting, several relevant items and future changes were discussed.
- The National Association of Insurance Commissioners (NAIC) International Insurance Relations (G) Committee heard from industry representatives regarding U.S. domestic company experience with Solvency II implementation.
- The agenda of the NAIC cybersecurity task force included a cybersecurity legislative update and two presentations on data analysis projects currently underway, but the majority of conversation centered around the recently released update to the Insurance Data Security Model Law.
- At the National Association of Insurance Commissioners (NAIC) Summer 2016 National Meeting, the Statutory Accounting Principles (E) Working Group (SAPWG) adopted several nonsubstantive revisions to statutory accounting and exposed various substantive and nonsubstantive revisions, as well as directed staff to draft issues paper related to certain projects.
- The adoption of ASC 842 makes accounting much more complex for traditional operating leases. This inherent complexity makes the transition guidance equally complex.
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