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,
During the third quarter 2016, the NAIC leveraged its technology and data platforms and launched a structured program for locating lost or forgotten life insurance policies. Consumer Reports has estimated that at least $1 billion in life insurance benefits are … Continued
On February 25, 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, which is the culmination of a multi-year collaboration with the International Accounting Standards Board (IASB) to improve accounting for leases.
On May 21, 2015 FASB published ASU No. 2015-09, Financial Services – Insurance (Topic 944): Disclosures about Short-term Insurance Contracts which requires additional footnote disclosures in order to provide more information about claims incurred, certain amounts paid, and any significant … Continued
ASU No. 2015-06 standardizes the calculation of historical earnings per share related to dropdown transactions for Master Limited Partnerships (MLPs), partnerships where interests are publically traded. The issue was not addressed in Topic 260 Earnings Per Share and so in practice, there are a variety of methods being used; ASU No. 2015-06 should eliminate the variety.
Last year the National Association of Insurance Commissioners (NAIC) adopted two new accounting standards designed to incorporate many of the changes to pension accounting processes outlined in Financial Accounting Standard (FAS) 158,