Accounting Standard Updates
12 Days of SSAP -SSAP No. 35R Guaranty Fund and Other Assessments
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 fourth day of SSAP JLK Rosenberger told to me – Guaranty Fund Assessments.
Issue Paper No. 143R—Guaranty Fund Assessments: Revisions document substantive changes adopted to SSAP No. 35R—Guaranty Fund and Other Assessments related to assessments for insolvencies of entities that wrote long-term care insurance. The revisions allow expected renewals for short-term contracts to be considered in the recognition of assets from accrued liability assessments, and require discounting for assessments and related assets.