TIA Section A - NAIC SSAPs - SSAP 9

Question 1

Define “subsequent events”

Answer 1

Events that occur subsequent to balance sheet date, but before the issuance of the statutory financial statements

Question 2

Two categories of subsequent events

Answer 2

Type 1️⃣: Recognized Subsequent Events: provide additional evidence with respect to conditions that existed at the date of the balance sheet

Type 2️⃣: Non-recognized Subsequent Events: provide evidence with respect to conditions that did not exist at the date of the balance sheet

Question 3

Which events should already be reflected in the financial statements

Answer 3

Type 1️⃣

(Type 1️⃣: Recognized Subsequent Events)

Question 4

Disclosures about Type 2️⃣ events in the financials statements

Answer 4

🏔 Nature of the event

📃 Estimate of its financial impact or a statement that the estimate can not be made