Following ten years of off-and-on deliberations, the Financial Accounting Standards Board (FASB or the Board) has issued a final promulgation in the accounting for long-duration insurance contracts. The promulgation is effective for calendar-year public companies in 2021 and non-public entities in 2022.
Author Archives: Michael Goni, CPA, Partner
When it comes to Enterprise Risk Management (ERM), many believe the effort needed to gain buy-in, implement and manage, outweigh the potential benefits. While it can be challenging, the benefits to the organization are substantial and continue to grow as the program is refined and optimized. Perception is often reality, and there are several misconceptions about ERM that tend to dissuade insurance companies from considering this increasingly important management strategy.
When it comes to life, business or sports the formula for success includes minimizing risk. Identifying, managing and resolving risk is essential whether selecting a career, investing in a business opportunity or choosing a new business partner. The same applies to managing risk at an insurance company.
Final approval of the Tax Cuts and Jobs Act occurred as predicted in December 2017. A key component of the new tax rules include the elimination after 2018 of the individual taxpayer mandate that imposed a penalty on taxpayers that do not purchase insurance under the requirements of the Affordable Care Act (“ACA” or “Obamacare”).
There is a widespread misunderstanding that embezzlements are large scale losses that are quickly caught and indicted. The fact is, the most damaging occurrences involve small amounts of money repeatedly filched over many years, making it difficult to detect, but that lead to large losses.
With the advance of communication and technology platforms, the competitive global environment creates the opportunity, and many times the need, for companies to explore and create other potential revenue generating or administrative support sources.
The NAIC Investment Risk-Based Capital Working Group (IRBC-WG), in conjunction with the American Academy of Actuaries, has been carefully waging a proposal to assess the current RBC levels to expand the detail levels of the current NAIC RBC C-1 assessment … Continued
Effective January 1, 2017 the long-awaited Principle-Based Reserving rules, or PBR, became a reality. PBR had its birth in 2009 with the National Association of Insurance Commissioners (NAIC) adoption of the Standard Valuation Law (SVL), which subsequently developed the Valuation Manual.
Appendix A-791, Life and health Reinsurance Agreements, was revised to contain provisions which provide that a reinsurance agreement constitutes the entire agreement between the parties with respect to the business being reinsured and that there are no understandings between the parties other than as expressed in the agreement.
Mortgage Loans, Revisions clarify the definition of a mortgage loan and identifies investments that fall under the scope of the SSAP.