Bond Definition
The $721B reclassification story -- how the revised NAIC bond definition reshapes statutory investment portfolios
Type
Years-
Size
PE
Methodology
Data Source: Schedule D holding detail (SD0007) joined with investment classification (SD0022) for schedule assignment.
Valuation Basis: Actual Cost (original purchase price). Fair Value shown where available.
Entity Filter: NAIC Company Code IS NOT NULL (excludes S&P aggregates). Holdings deduplicated by Company_Investment_Key, preferring annual (Y) period.
Key Insight: In 2025, the NAIC's revised bond definition (SSAP 26R) reclassified ~$350B of assets from Schedule D to Schedule BA.
Regulatory Context
- 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