19 Jan Insurance Insights – January 2022 Edition
Some recent changes from the latest SAP Working Group meeting this past December:
- SSAP #25, reference 2019-34, Related Parties, Disclaimer of Affiliation and Variable Interest Entities – Guidance adopted 3/15/2021, with a 3/15/2021 effective date. To clarify the identification of related parties and affiliates, specifically that any direct or indirect ownership interest greater than 10% of the reporting entity results in a related party classification under statutory accounting, regardless of any disclaimers of control or affiliation. New Schedule Y, Part 3 to capture this data as well.
- SSAP #32R, reference 2021-10, Clarification of “Effective Call Price” – Guidance adopted 8/26/2021, with a 8/26/2021 effective date. To clarify that the effective call price valuation limitation is only applicable if the issuer is currently able to exercise the call option or if the issuer has announced that the instrument will be called or redeemed.
- Appendix F, reference 2021-14, Policy Statement on Maintenance of Statutory Accounting Principles – Substantive and Nonsubstantive – Adopted 12/11/2021, with a 1/1/2022 effective date. Revisions modify the terminology used when discussing types of accounting revisions. Beginning January 1, 2022, the phrase “new SAP concept” will reflect instances previously considered to be “substantive” and the term “SAP clarification” will reflect instances previously identified as “nonsubstantive.”
Strohm Ballweg New Employees and Promotions
SB is excited to announce that we have two interns helping us out this busy season! Trevor Kliebenstein and Meghan O’Connell, both from UW-LaCrosse, joined the team at the beginning of January and will be with us until mid-May.
Effective January 1st, we had several well-deserved promotions: Jacob Salzmann, CPA was promoted to Senior Manager; Matt Hasenbein was promoted to Manager; Kelsi Hau, CPA was promoted to Manager; Kyle Kagerbauer, CPA was promoted to Manager, and Mario Prcic, CPA was promoted to Manager. (pictured left to right) Congratulations to all for being promoted, which recognizes and rewards their dedicated and capable service to our clients!
With Extreme Gratitude!
With a great dose of melancholy, we are formally announcing Russ Denk’s plan to retire from the firm this summer! Russ has given nearly 40 years of dedicated service to the insurance industry in many ways. After graduation from UW-Eau Claire in 1983, he started out at a national CPA firm in Minneapolis, working for several years in their insurance group. In 1986, he moved to Madison and joined the firm Fitzpatrick & Roberts, bolstering their growing insurance practice along with partner Bruce Roberts. He was instrumental in growing that practice for many years until the firm’s merger into national firm McGladrey & Pullen. In 1994, McGladrey merged with another local firm, Houghton, Taplick & Co., and the insurance practice again grew to become the genesis for Strohm Ballweg’s creation in 1999.
In 1995, Russ left that group when the opportunity to lead the WEA Property & Casualty Insurance Company was presented to him. He successfully led that team as CEO for nearly ten years, when the urge to return to public accounting led him to join Strohm Ballweg as the firm’s third partner. For the past 18 years, he has diligently served many SB clients with passion and deep insights. He has likewise, provided his partners with a caring demeanor and wise counsel for which we will ever be so grateful. Bon voyage sort of? Russ may continue to provide some part-time consultation to the firm into late summer as we work to transition all he was involved in here and to continue to provide our clients with the world class service you’ve come to expect from our experienced team. Also, watch for details on a planned send off celebration in early summer!