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Minutes for HB2177 - Committee on Insurance
Short Title
Pertaining to the accounting treatment of certain derivative instruments of fixed index annuities.
Minutes Content for Mon, Feb 18, 2019
Assistant Revisor Eileen Ma briefed the members. She said the bill created a new law pertaining to the accounting treatment of eligible derivative assets when they were purchased or written to hedge the growth in interest credited to an indexed product as a direct result of changes in each related external index. It also set out reporting requirements and said companies using such accounting practices would not be able to revert back to former accounting practices without the prior approval from the Commissioner of Insurance (Attachment 1)
