ID| Bulletin No. 25-01, issued by the Idaho Department of Insurance, provides guidance for authorized insurers regarding the use of updated accounting and valuation manuals from the National Association of Insurance Commissioners (NAIC) for preparing 2025 quarterly and annual financial statements. It specifies the adoption of particular NAIC manuals and outlines minimum reserve requirements for various insurance contracts. The bulletin is an interpretation of existing law and includes contact information for inquiries.
Key Points:
- NAIC Manuals Adoption: Insurers must use the March 2025 version of the NAIC Accounting Practices and Procedures Manual and the January 1, 2025 edition of the NAIC Valuation Manual for financial reporting and reserve calculations.
- Minimum Reserve Requirements: Guidance is provided for life insurance, accident and health insurance, annuity contracts, and deposit-type contracts to ensure compliance with Idaho Code.
- Clarification and Contact: The bulletin interprets existing law and directs inquiries to Eric Fletcher, Chief Examiner at the Idaho Department of Insurance.