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NAIC Committee Approves Statutory Accounting Principles Guidelines

By Staff Writer

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NU Online News Service, June 20, 12:15 p.m. – The Financial Regulation Standards and Accreditation Committee of the National Association of Insurance Commissioners, Kansas City, Mo., has approved a set of guidelines for codification of Statutory Accounting Principles.

The NAIC’s executive committee and full membership will consider the codification guidelines at the NAIC’s fall meeting in Boston.

If a 60% majority of the executive committee and the full membership approve the addition, the codification guidelines will take effect Jan. 1, 2004.