Accounting Standard Updates
12 Days of SSAP: INT 21-02 Hurricane Ida
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Hot Take:
JLK Rosenberger is carrying on our holiday tradition of 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 focusing on the latest changes to SSAP and how they will impact your insurance entity in 2022 and beyond.
Today’s installment features INT 21-02 Hurricane Ida, which provides a 60-day extension from the 90-day rule for uncollected premium balances, bills receivable, and amounts due from agents and policies directly impacted by Hurricane Ida noted events.
Full Article
Regulators acted fast to provide needed relief for those impacted by Hurricane Ida in late August of this year. Hurricane Ida was a Category 4 storm and severely affected the state of Louisiana once it made landfall. With approximate damage of over $65 billion, it became the second-most damaging hurricane on record, behind Hurricane Katrina with approximately $125 billion of damage in 2005.
INT 21-02 Hurricane Ida provides a 60-day extension from the 90-day rule for uncollected premium balances, bills receivable, and amounts due from agents and policies directly impacted by Hurricane Ida noted events.
Interprets the following SSAP:
SSAP No. 6—Uncollected Premium Balances, Bills Receivable for Premiums, and Amounts Due from Agents and Brokers
Effective date:
Immediately and is set to expire on January 24, 2022
