Accounting Standard Updates

12 Days of SSAP (Unpaid Claims, Losses and Loss Adjustment Expenses)

As the holidays approach, JLK Rosenberger is taking a new perspective on a holiday classic – the Twelve Days of Christmas. Rather than filling your head with turtle doves and gold rings, we are going to instead focus on the latest changes to SSAP and how they will impact your insurance company in 2018 and beyond.

On the 8th day of SSAP JLK Rosenberger told to me – Unpaid Claims, Losses and Loss Adjustment Expenses.

SSAP No. 55—Unpaid Claims, Losses and Loss Adjustment Expenses (SSAP No. 55) and SSAP No. 65—Property and Casualty Contracts (SSAP No. 65) : ASU 2015-09: Insurance — Disclosures about Short-Duration Contracts was issued in May 2015 and makes improvements to existing disclosures under U.S. GAAP for insurance entities that issue short-duration contracts. ASU 2015-09 was rejected for statutory reporting, however, revisions were made to conform statutory disclosures not originally in SSAP No. 55 and SSAP No. 65.