2288 Codified statutory accounting principles; statutory issue paper no. 107--health care receivables

Codified Statutory Accounting Principles; Statutory Issue Paper No. 107--Health Care Receivables

[30 Pa.B. 6966]

   Insurance Department (Department) Notice No. 1998-04 advised domestic insurers that the NAIC's codified Accounting Practices and Procedures Manual (codified manual) will be effective January 1, 2001, and will first apply to financial statements prepared as of March 31, 2001.

   The NAIC's Statutory Accounting Principles Working Group (SAPWG) is currently working on statutory accounting guidance for health care receivables and has requested comments on an Exposure Draft of Issue Paper No. 107--Health Care Receivables (IP No. 107). The Department is mailing copies of this Department notice and the Exposure Draft to all domestic insurers authorized to write health insurance. The Exposure Draft also can be obtained on the Internet at the NAIC Home Page (http://www.naic.org). The deadline for receipt of written comments is March 5, 2001, and a public hearing on IP No. 107 will be held during the NAIC's 2001 Spring National Meeting in Nashville, Tennessee. Accordingly, IP No. 107 will not be finalized or become effective before January 1, 2002.

   Therefore, because the codified manual effective January 1, 2001, will not provide for recognition of the health care receivables addressed in IP No. 107, the Department will approve written requests for permitted accounting practices for health care receivables consistent with the guidance in the Exposure Draft of IP No. 107 for financial statements filed prior to the date IP No. 107 becomes effective. Questions regarding this notice and requests for permitted accounting practices should be directed to: Kaushik K. Patel, Chief, Financial Analysis Division, Pennsylvania Insurance Department, 1345 Strawberry Square, Harrisburg, PA 17120, [phone], Fax: [phone], E-Mail: [e-mail].

M. DIANE KOKEN,   
Insurance Commissioner

[Pa.B. Doc. No. 00-2288. Filed for public inspection December 29, 2000, 9:00 a.m.]