Discover how SimCorp’s NAIC Reporting Team is revolutionizing the industry with enhanced configurations, impressive progress, and a forward-looking roadmap. From seamless transitions between schedules to ahead-of-schedule achievements, this article emphasizes the pivotal role of the Bond Project in NAIC reporting. Get ready for exciting developments and SimCorp’s commitment to client success! 

SimCorp’s NAIC Reporting Team is diligently preparing for the Q3 User Group Meeting, scheduled for September 5. ”We are excited to meet our clients again this year and share good news on Bond Project configuration, recent developments and plans for the future,” said Grzegorz Kapusta, NAIC Reporting Solution Manager at SimCorp.  

In this article, we delve into the latest developments related to the Bond Project—a crucial component of NAIC reporting. From refined configurations to forward-looking strategies, SimCorp remains committed to delivering a robust solution for its clients. 

1) Key updates to the Bond Project

The Bond Project remains a top priority for SimCorp’s NAIC Reporting Team with below key areas of consideration: 

• Transitions between schedules: The team will demonstrate how to handle transitions seamlessly between schedules, ensuring accurate reporting. 
• Accounting updates: Stay informed about the latest accounting changes affecting NAIC reporting. 
• Summary of updated schedules: Get a concise overview of the revised schedules that are ready for testing, including Summary Investment Schedule, Summary by Country, Asset Valuation Reserve, and D1A. 

2) 2024 Annual Regulatory Update package

SimCorp is committed to keeping clients informed. Here’s what’s covered in the 2024 Annual Regulatory Update package: 

• RBC changes: Explore updates to key Risk-Based Capital (RBC) metrics, including XR008, XR010, PR007, PR008, PR009, LR008, and LR010. 
• Configuration enhancements: SimCorp has optimized performance, allowing faster schedule creation. Clients will benefit from streamlined processes and increased efficiency. 

3) Remarkable Bond Project progress

SimCorp’s NAIC Reporting Team has exceeded expectations: 

• Ahead of schedule: Despite the initial timeline, the team is well ahead in completing relevant sections of both Annual and Quarterly NAIC Statements. Notably, they are already working on the recently adopted 2024-11BWG and 2024-12BWG Modified documents. 
• Conference participation: The team actively participated in the NAIC Summer National Conference to track changes adopted and exposed by various committees, including Statutory Accounting Principles Working Group, Valuation of Securities Task Force, Capital Adequacy Task Force, and Risk-Based Capital Investment Risk and Evaluation Working Group 
• Enhanced coverage: SimCorp’s configuration now includes new columns on schedules D1.1 and D1.2 - Aggregate Deferred Interest. This can be considered as a new feature enhancing the client’s experience, but also a competitive advantage not offered by many other competitors on the market. 

Looking ahead: Roadmap for 2025 

As we approach the January 1, 2025 Bond Project go-live date, clients can expect ample time for testing, adaptation, and compliance. We are excited about the promising future ahead, filled with growth and meaningful developments. Our unwavering commitment to supporting our clients remains at the forefront.