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”).
On February 1, 2017 the Insurance Entities Revenue Recognition Task Force (of which JLK Rosenberger is a member) issued “Working Draft: Accounting for Third Party Extended Warranty Contracts (Applicable to Non-Insurance Entities) – Revenue Recognition Implementation Issue #9-3 – Accounting for third-party extended service warranty contracts within the scope of FASB ASC 606.
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.
ASU 2015-09 is about enhanced disclosure, and while it lays out certain requirements for presentation and provides examples of what the disclosure might look like, it also leaves a high degree of discretion to insurers to determine how and what information best meets with the spirit and intent of the standard. By now you know ASU 2015-09 requires disclosure of development data for short duration contracts.
Fronting can be defined as an alternative way of entering markets and growing premium, a valid tool to be used for the benefit of both an insurer who needs the front and an insurer willing to be the front for the right compensation.
JLK Rosenberger recently presented a tax update at the California Regional IASA conference on December 1, 2016. The slides discuss the potential tax changes under President Trump and a republican congress and how that might impact insurance companies.
Do you consider your internal controls to be well discerned and clearly documented? Is your “internal control documentation” an accumulation of accounting step procedures in contrast to clear-cut identification of controls that reside within those step procedures?
The Dodd-Frank Wall Street Reform and Consumer Protection Act established the Treasury’s Federal Insurance Office (FIO) to monitor all aspects of the insurance sector. Acknowledging the need for cross-border co-operation given the increased globalization of the insurance markets,
As you are likely aware, in addition to premium taxes, Texas insurers pay maintenance taxes and regulatory fees that are utilized to fund the TDI and its operations. These maintenance taxes and fees also provide funding for other state agencies including the Texas A&M Forest Service, Office of Public Insurance Counsel…