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NAIC Focus: NAIC for March

For most of you, the year-end process is done. Sit back, close your eyes, take a deep breath, hold it, exhale, and open your eyes. Now look at that pile of stuff on your desk that has been accumulating while you worked on year-end. That is what you now have to look forward to and that usually means getting ready for quarter-end. Quarter-end also means new accounting and reporting to implement.

NAIC Focus: NAIC for January

Most of you are probably deep into the year-end process and the preparation of your annual statement, meaning you really don’t care about other NAIC activities right now. But the NAIC held their last National Meeting for 2016 December 10-13 and sooner or later you might need to know what happened. So let’s make that happen sooner rather than later. You can always come back and reread this later.

NAIC Focus: NAIC for November

Year-end again?? Are you kidding? Why does year-end always seem to sneak up on us and catch us unprepared? Or at least partially unprepared. Time to think about that process and try to eliminate as many surprises as possible.

Financial clients can read the entire article on Lifeline.

NAIC Focus: NAIC for October

For some time now insurers have seen a myriad of investment accounting and reporting changes. This current trend can be traced back to the financial crises of 2008, perhaps providing us with an understanding of why enhanced reporting and changes in accounting were deemed necessary by insurance regulators at that time and for a period of time thereafter. But we are now eight years out from those particular events and the trend does not seem to be slowing down.

NAIC Focus: NAIC for September

The Summer NAIC National Meeting was held in San Diego. It was a very unusual meeting, as several of the groups that Connie normally reports on did not hold meetings. There were no risk-based capital activity for any of the formulas, no activity from the Investment RBC Working Group, and the Blanks Working Group didn’t meet either. Most unusual. There were still lots of other meetings, however. So let’s take a look at them..

Financial clients can read the entire article on Lifeline.

NAIC Focus: NAIC for July

June was the month that the NAIC finalized the reporting format and instructions for the Annual Statement. That happened during the June 16, 2016 Blanks Working Group conference call. The good news is there are no “left overs” from the call that still require attention. Let’s take a look at the activity that took place during the call.

Financial clients can read the entire article on Lifeline.

NAIC Focus: NAIC in November

When Connie arrived in National Harbor, Maryland (Washington, D.C. area) for the November Meeting of the NAIC, it looked and felt like autumn. Temperatures were mild and the trees were colorful. By the time she left, four days later, it had definitely turned to winter. No snow, but autumn was gone. Here’s a look at the activity of this last National Meeting of the year from the well-attended Investment RBC Working Group to the Reinsurance Task Force, which ran out of time and decided to re-expose all five options and discuss further during a December conference call.

NAIC Focus: NAIC Summertime Activity - July 2015

Lazy days of summer, right? Not quite. The time between the NAIC March meeting and the next NAIC meeting in August is more than four months. That is a long time for no NAIC activity to occur. Summertime or not, NAIC business does continue and should not be overlooked. This edition of the Focus will bring you up to date on accounting and reporting activity that has happened since March.

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Connie Jasper Woodroof

NAIC Liaison - Connie Jasper Woodroof

NAIC Liaison

Connie is a seasoned statutory accountant and educator who serves as the NAIC Liaison for StoneRiver. She regularly attends NAIC meetings to stay abreast of current and anticipated changes in regulatory reporting. Her long-range view and interpretation of the trends is invaluable to clients in applying new requirements, and preparing for anticipated changes.

Connie is active in IASA and is a frequent speaker at IASA Chapter meetings around the country, as well as the IASA's Annual Educational Conference and Business Show.

Prior to joining StoneRiver, Connie was the Financial Reporting Education Coordinator for the NAIC. She came to the NAIC with ten years of experience preparing annual statements in both the Life and P&C industries. Woodroof earned her bachelor's degree in accounting from Ball State University in Muncie, Indiana and holds the designation of FLMI, and a Masters Degree in General Psychology from the University of the Rockies, Colorado Springs, Colorado.