NAMIC Sponsors Codification Training for Insurers
The National Association of Mutual Insurance Companies (NAMIC) announced that it will sponsor two training sessions on compliance with the National Association of Insurance Commissioners' (NAIC) new codification of statutory accounting principles.
The seminars, which are open to both members and non-members, will enable CFOs and those who manage and conduct companies' accounting and reporting functions to understand and practice the new insurance accounting, which becomes effective Jan. 1, 2001.
States have either adopted or are in the process of adopting the NAIC's new Accounting Practices and Procedures Manual, which is more popularly known as the "Codification of Statutory Accounting Principles." NAMIC says companies must deal with its advent well before the beginning of 2001.
"The changes embodied in the Codification are both broad and deep, and individuals responsible for regulatory accounting and reporting must have instruction in the content of the Codification," said William Boyd, CPA, NAMIC's Financial Regulation Analyst. "We have a blue-ribbon faculty for our Codification Seminars in Deloitte & Touche LLP, the firm that prepared much of the Codification content," he added.
NAMIC's Codification Seminars are each two full days of intensive instruction in the new accounting. Although oriented toward property-casualty accounting, much of the material covered in the seminars is common to life companies. The seminars will be held May 2-3, 2000, at the Omni Inner Harbor Hotel, Baltimore, and May 16-17 at the Chicago Marriott O'Hare, Chicago. The price for NAMIC members' staff is $500 per person and for others $550. Registration is available online through the NAMIC Web site www.namic.org/registration/codification.htm or by calling Judi Sanders at 317/875-5250.
The curriculum of each NAMIC Codification Seminar includes a big-picture introduction to the NAIC Codification project and its purposes plus detailed explanation of the new statutory accounting's treatment of revenues, assets, liabilities, disclosures, and other requirements of the Codification. Course materials and a case study are included.
Mark Parkin, a Deloitte partner, and Steve Butters, a Deloitte senior manager, lead the faculty. The two headed that firm's engagement with the NAIC to develop the Codification of Statutory Accounting Principles. They will use NAIC materials to detail significant change in industry accounting relevant to the property and casualty business. The curriculum will also qualify for Continuing Professional Education (CPE) and Continuing Legal Education (CLE) credits for those who need to maintain professional certification.
"Over the past few years, NAMIC has been heavily engaged in developing the codification standards," said Roger Schmelzer, NAMIC's vice president - Regulatory Affairs. "We believe it is our obligation as a full service property/casualty trade association to provide this service to NAMIC members and others in the industry who must now comply with this comprehensive new system of accounting."