NAIC Life Policy Search Program

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

Updated Lease Accounting Standards

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.

ASU No. 2015-06 – Earnings Per Share

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.

SSAP 92 and SSAP 102 Changes for Pension Accounting

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,