If you are filing the Property New York Supplement you may be wondering what happened to the reinsurance Schedules F Part 5, Part 6, and Part 7.  Or if you are filing the Life New York Supplement you may be wondering if you are required to file reinsurance Schedule S – Part 4. New York and other states as well have already implemented provisions of the Dodd-Frank Act and the Non-admitted and Reinsurance Reform Act (NRRA). For this reason New York is no longer capturing the reinsurance schedules in their New York Supplement Filings.   

The NY Property Supplement removed Schedule F but the NY Life Supplement still has Schedule S – Part 4 in their Blank. To avoid confusion New York posted the following to their Life Supplement Information page, http://www.dfs.ny.gov/insurance/annual/ny11life.htm:

I thought I would provide a short and sweet response today to three questions I am receiving with relative frequency.

1. Why is the Colorado Business Only Schedule P no longer on the Colorado Checklist?
• Colorado repealed the requirement to file the Colorado Schedule P information. House Bill 11-1033 specifically repealed the requirement. Select this link to review the Bill, http://www.state.co.us/gov_dir/leg_dir/olls/digest2011a/INSURANCE.htm#11-1033.
2. For new General Interrogatory 15 how do I determine “an NAIC rating of 3 or below” when the bank does not have an NAIC rating?
• The NAIC SVO document NAIC ARO Rating Equivalent to SVO Designations provides information to map an ARO rating to the NAIC Designation. Select this link to review or download the document, http://www.naic.org/documents/svo_naic_aro.pdf.
3. Where can I find information on the 3 new supplemental filings relief from the five-year rotation requirement for lead partner, relief from the one-year cooling off period for independent CPA and relief from the requirements for audit committees?
• This information is found in the Accounting Practices and Procedures Manual, Appendix G – Implementation Guide for the Annual Financial Reporting Model Regulation (Model). The Implementation Guide is also available at http://www.naic.org/documents/committees_e_naic_aicpa_wg_model_audit_rule_imp_guide.pdf.

That’s all for now.  I will post new updates or information as I receive it.  Thank you for the great questions!

This week, the NAIC has reported corrections to the 2011 Annual Statement Instructions and posted the corrections to the Blanks Working Group website. Additionally, the NAIC has reported certain validations on the Supplemental Health Care Exhibit – Part 2 contain a logic error resulting in false failures. Other NAIC validations are also returning false failures (Note 9 Income Taxes if you report a Deferred Tax Liability and Life RBC Page 2 Bonds if you report short-term invested assets on SCDLPT1 Line 8999999).

First, let’s look at the Instruction corrections posted by the NAIC this week dated 02/12:

A correction to the Cash Flow instruction’s section for Cash from Investments Worksheet affects the NAIC statement types Fraternal, Health, Life, Property/Casualty and Title. Look under the heading titled Schedule A – Verification Between Years and you will see the reference “(Report on Line 13.4 of Cash Flow)”. This reference should follow the reference for Line 3, not precede it, which the NAIC correction resolves.