Posted: 8/25/2011
SSAP No. 101-Income Taxes
At the NAIC’s spring national meeting, a proposed new statement on statutory accounting for income taxes was formally exposed for comment. The proposed new statement, SSAP No. 101, was immediately met with opposition by the insurance industry for its complexity. After numerous conference calls and an interim meeting on July 13, the industry was eventually able to convince the regulators that changes were necessary to effectuate the type of statement that regulators desired.