Principles‑based bond definition now in force
Alongside governance changes, the NAIC’s principles‑based bond definition has now gone live, changing how insurers classify, value and report bond and bond‑like investments. The project, first launched as NAIC REF 2019‑21, culminated in a comprehensive rewrite of Statement of Statutory Accounting Principles (SSAP) Nos. 26R and 43R, with an effective date of Jan. 1, 2025.