Use of Revised Accounting Practices and Procedures Manual and Valuation Manual of the NAIC

BRAD LITTLE Governor State of Idaho DEPARTMENT OF INSURANCE 700 West State Street, 3rd Floor P.O. Box 83720 Boise, Idaho 83720-0043 Phone 208-334-4250 Fax 208-334-4398 Website: https://doi.idaho.gov DEAN L. CAMERON Director BULLETIN NO. 24-02 DATE: March 18, 2024 TO: All Authorized Insurers FROM: Dean L. Cameron, Director SUBJECT: Use of Revised Accounting Practices and Procedures Manual and Valuation Manual of the NAIC This Bulletin provides guidance regarding the version of the NAIC’s Accounting Practices and Procedures Manual to be used by authorized insurers when preparing 2024 quarterly and annual financial statements filed with the Idaho Department of Insurance and the NAIC, pursuant to Idaho Code §§ 41-210(4), 41-335, and 41-336. Additionally, this Bulletin provides guidance for minimum reserve requirements regarding the version of the NAIC’s Valuation Manual to be used by authorized insurers providing life insurance, accident and health (A&H) insurance, annuity contracts, and deposit-type contracts when calculating reserve amounts to be reported to the Idaho Department of Insurance and the NAIC, pursuant to Idaho Code § 41-612. Unless otherwise prescribed or permitted, the March 2024 version of the NAIC’s Accounting Practices and Procedures Manual, which applies to the 2024 quarterly and annual financial statements, has been adopted by the Director. Unless otherwise prescribed or permitted, the January 1, 2024, edition of the NAIC’s Valuation Manual, which applies to the 2024 quarterly and annual financial statements, has been adopted by the Director. Pursuant to Idaho Code, Sections 41-6305(1) and 41-6403(1), the NAIC’s Financial Analysis Handbook, 2023 Annual and 2024 Quarterly Edition, is prescribed. This Bulletin is not new law but is an agency interpretation of existing law, except as authorized by law or as incorporated into a contract pplies to the 2024 quarterly and annual financial statements, has been adopted by the Director. Pursuant to Idaho Code, Sections 41-6305(1) and 41-6403(1), the NAIC’s Financial Analysis Handbook, 2023 Annual and 2024 Quarterly Edition, is prescribed. This Bulletin is not new law but is an agency interpretation of existing law, except as authorized by law or as incorporated into a contract. Requests for additional information or other inquiries regarding this Bulletin can be directed to the Company Activities Bureau Chief/Chief Examiner, Eric Fletcher at 208-334-4230 or Eric.Fletcher@doi.idaho.gov. Equal Opportunity Employer