Bond Definition

The $721B reclassification story -- how the revised NAIC bond definition reshapes statutory investment portfolios

Type
Years-
Size
PE
Regulatory Context
Chronicles
  • SSAP No. 26R — Bonds -- revised definition effective 2025
  • SSAP No. 43R — Loan-backed and Structured Securities
  • SSAP No. 48 — Joint Ventures, Partnerships and LLCs (Schedule BA)
  • INT 24-01 — Bond definition implementation guidance
SSAP References
  • Schedule D-1 — Bonds and stocks owned (pre-2025 bond definition)
  • Schedule BA — Other invested assets -- receives reclassified non-bond debt
NAIC Annual Statement InstructionsACLI Life Insurers Fact Book