Do you work on your company’s statutory annual statement? If so, a committee of the National Association of Insurance Commissions (NAIC) you should track is the Blanks Working Group (BWG). One of the primary responsibilities of the BWG is to adopt improvements and revisions to the various statutory annual and quarterly statements.
Yes, the BWG has been active and has adopted several changes to the 2023 statutory annual statement that you need to understand if you want to avoid a bigger than normal headache this year end.
Is the BWG done making changes to the 2023 Statutory Annual Statement?
Yes and no!
Changes that only affect the 2023 annual statement had to be submitted to the BWG no later than April 1, 2023, and exposed no later than April 15, 2023. The proposals were posted to the BWG web page allowing for comments by a certain date. Proposals with an annual effective date of 2023 were required to be adopted no later than June 1, 2023.
There are certain changes that do not conform to this time guideline. For example, proposals presented by an NAIC parent group after June 1, 2023, will be processed as directed. Another example is disclosures required in the 2023 Statutory Annual Statement can be adopted after June 1. If a new disclosure is required in 2023 but is adopted after June 1, the BWG provides some temporary relief in implementing the new disclosure. In the year of adoption, a new disclosure will not be data captured and will be added as the last note to the Notes to the Financial Statements. If a disclosure is deleted, you will not have to renumber the notes until the next year.
The BWG typically issues a series of Editorial Changes after the June 1 date. These changes provide instructional clarification of reporting requirements and are important to review and understand.
What is the best way for me to understand the 2023 changes to the Statutory Annual Statement?
Sovos Education, of course! Just 60 minutes of your time is needed to understand all the changes to your 2023 Statutory Annual Statement.
We are offering our Blanks & Instructions Changes for All Statement Types webinar on four different dates to review the details of all the changes you need to adopt not only for the 2023 Statutory Annual Statement, but also 2024 and beyond:
- September 13, 2 to 3 p.m. EST
- October 10, 1 to 2 p.m. EST
- November 8, 1 to 2 p.m. EST
- December 8, 12 to 1 p.m. EST
Why Sovos Education?
Our team of highly experienced instructors has well over 200 years of combined industry experience. Not only do we provide statutory accounting trainings, but Sovos Education maintains the Annual Statement Handbook – a resource that is revised in real time as statutory accounting and reporting changes are adopted. Our handbooks serve as the “Help Manual” in preparing your 2023 annual statement and other statutory filings.
Connect with us to learn more about our Annual Statement Handbook, our current catalog and future partnering opportunities.
Take Action
Ready to learn more about how Sovos Education can help you get ready for 2023 year-end? Register for the Annual Statement Blank Changes webinar at shop.sovos.com.
