Sabrina Wilson, CPA, FLMI
Sabrina serves as a subject matter expert for regulatory filings at Clearwater. In this role, she works with internal teams for the ongoing enhancement of NAIC reports. Sabrina has over 20 years’ of statutory accounting and reporting experience and uses her background to communicate industry best practices and comment on regulatory guidance and procedures. She also handles complex statutory accounting and analytics questions posed by our user community.
Sabrina is a certified public accountant, has earned the designation of Fellow, Life Management Institute (FLMI), and has a master’s degree in accounting and taxation from Boise State University.
The Life Risk-Based Capital Working Group of the NAIC held a meeting on April 22, 2022. The following item pertains to investment accounting.
Residual Tranches and Interests LR008 Instructional Change
As NAIC staff received queries about which line residual tranches and interests should be reported on LR008 – Other Long-Term Assets, they proposed adding the new instruction to clarify this asset type should be reported in line 49.2 on LR008.
The Property & Casualty Risk-Based Capital Working Group of the NAIC held a meeting on April 26, 2022. The following item pertains to investment accounting.
Affiliated Investments Instructions and Structures PR003-PR005, PR007, PR029-PR032
The working group’s Chair said the affiliated ad hoc group worked on this project six years ago. They reviewed the RBC instructions and formulas to ensure they are consistent and easy for the regulators to explain the discrepancies. The project was quite extensive, and the working group members had to start over with a different approach after it was halfway done.
The major proposed change is to update the categories on PR003 – Details for Affiliated Stocks, e.g.,
This item proposes combining the percentage of ownership for common stock and preferred stock on PR003.
It also proposes changing the affiliate types on PR004 – Subsidiary, Controlled and Affiliated Investments, to be consistent with PR003 and eliminating individual columns of RBC required for affiliated common stock and preferred stock.
The Chair said he hopes other RBC working groups are ready to expose this change, too. It is important to be consistent across all insurance types.
This item is exposed for 60 days.