Disclose that development?

Dec 12th, 07
Clarification of SSAP #55 "Unpaid Claims, Losses, and Loss Adjustment Expenses"

At the Fall NAIC meeting in Washington D.C., the Statutory Accounting Working Group finalized a change to SSAP #55 “Unpaid Claims, Losses and Loss Adjustment Expenses” that clarifies reporting of subsequent events related to development of loss and loss adjustment reserves.  The clarification states that additional information, not resulting from an error in the estimation process, obtained after the March 1 issuance of the annual statements, is considered part of the continuous review process, and if material, should be disclosed in a note to the audited financial statements.