Author: Robert B. YahrPublisher:
ISBN:
Category :
Languages : en
Pages : 496
Book Description
Are There Ga(a)ps in Financial Reporting for the Life Insurance Industry?
Author: Robert B. YahrGAAP Elasticities in the Life Insurance Industry
Author: Linda Skantz BurilovichPublisher:
ISBN:
Category : Life insurance
Languages : en
Pages : 166
Book Description
The model developed is applicable to any accounting estimate used in the calculation of taxable income or financial statement income which is subject to discretion and a variance in tax costs.
Life Insurance Company Financial Statements
Author: R. Arthur SaundersPublisher: Precept Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
Book Description
The Fair Value of Insurance Business
Author: Irwin T. VanderhoofPublisher: Springer Science & Business Media
ISBN: 1461546230
Category : Business & Economics
Languages : en
Pages : 327
Book Description
Insurance companies, as well as banks and thrift institutions, have traditionally reported assets and liabilities on the basis of their amortized cost, or book value. But following the turmoil in securities markets due to highly volatile interest rate fluctuations in the 1980s and the early 1990s, and problems caused by inadequate liquidity, in the mid-1990s the Financial Accounting Standards Board (FASB) issued a new ruling calling for financial intermediaries to report the fair, or market, value of most assets. Called FAS 115, this new standard is the first step in the eventual change to valuing all the assets and liabilities belonging to financial intermediaries under the fair value accounting method. Thus, these changes will pose tremendous future implications for three key business measures of a financial intermediary: Solvency: if the fair values of assets and liabilities are out-of-step, then healthy companies may report negative net worth and insolvent companies may appear to be in sound financial condition. Reported Earnings: if the fair values of assets and liabilities are out of step, then reported earnings will not accurately represent the financial operations of the company. Risk Management: FASB recently postponed the implementation of its new rules on accounting for the use of derivatives instruments. However, if the final set of rules for figuring the fair value of derivatives is not carefully crafted, it may be possible that companies prudently hedging their risks are subject to penalties in their financial reports, while companies taking greater risks appear to have less volatile financial performance. Compared to banks and other financial intermediaries, life insurance companies have the longest term and most complex liabilities, and hence the new FASB requirement poses the most severe challenges to the life insurance industry. The lessons learned from the debate among life insurance academics and professionals about how respond to the fair value reporting rule will be instructive to their counterparts in other sectors of the insurance industry, as well as those involved with other financial institutions. Of particular note are the two papers which comprise Part III. The first provides examples of the fair valuing of annuity contracts, while the second offers examples of the fair valuing of term insurance products. As the papers collected in The Fair Value of Insurance Business extend and update some of the issues treated in a previous Salomon Center conference volume, The Fair Value of Insurance Liabilities, this new volume may be viewed as a companion to the earlier book.
Are There GA(A)PS in Financial Reporting for the Life Insurance Industry?
Author: Robert B. YahrPublisher:
ISBN:
Category : Life insurance
Languages : en
Pages : 172
Book Description
Financial Accounting and Reporting Requirements in Life Insurance Companies
Author: Elizabeth A. MulliganPublisher: Life Office Management
ISBN: 9781579741495
Category : Business & Economics
Languages : en
Pages : 200
Book Description
Provides a broad exposure to financial and managerial accounting in life insurance companies, including the corporate and regulatory environment in which accounting functions occur.
The Property/casualty Insurance Industry
Author: Coopers & LybrandPublisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 52
Book Description
This report reviews the key features and public policy issues regarding the property & casualty insurance industry in Canada. It begins with an overview of the business and structure of the industry: the nature and composition of the property and casualty business, the industry in the context of the Canadian financial services sector, financial structure, and regulation of the industry. It then discusses the following issues: the financial capacity of the industry to handle claims resulting from a major earthquake; the likelihood of major industry consolidation; potential changes in the industry's distribution system in the near future; and the impact of technology in general.
Procedures for Adjusting Life Insurance Company Statutory Financial Statements to GAAP Basis
Author: Life Office Management Association. Financial Planning and Control DivisionPublisher:
ISBN:
Category : Life insurance
Languages : en
Pages : 59
Book Description
Life Insurance Accounting
Author: Insurance Accounting and Statistical AssociationPublisher:
ISBN:
Category : Insurance, Life
Languages : en
Pages : 656
Book Description
Second Survey, Procedures for Adjusting Life Insurance Company Statutory Financial Statements to GAAP Basis
Author: Life Office Management Association. Financial Planning and Control DivisionPublisher:
ISBN:
Category :
Languages : en
Pages : 69
Book Description