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…
Yesterday the FASB issued Accounting Standards Update No. 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.
JLK Rosenberger recently presented an update on GAAP at the California Regional IASA conference on December 1, 2016. This post includes some useful practice aids for implementing Accounting Standards Updates (ASUs) particularly ASU 2015-09 Insurance Disclosures about Short-Duration Contracts.
The International Accounting Standards Board (IASB) met recently and agreed to propose temporary measures addressing concerns insurance companies are facing with implementation of International Financial Reporting Standard (IFRS) 9, Financial Instruments standard that was issued in July 2014. It is … Continued
In June 2014, the NAIC issued SSAP No. 106: Affordable Care Act Assessments to address proper accounting and disclosures for the assessment under Section 9010 of the Affordable Care Act (ACA). This SSAP applies only to those entities subject to … Continued