Life and Health Insurance Entities - Audit and Accounting Guide
Whether you’re a CPA performing audit engagements or management at an insurance entity, it is critical for you to understand and be current on the specialized accounting and regulatory requirements you’re subject to. This resource brings you the practical, how-to accounting and auditing guidance you need to stay compliant.
The 2016 edition provides valuable background on the life and health insurance industry, products and regulatory issues, and the related transaction cycles that an insurance entity is involved with. It covers recent regulatory updates, including providing information on the Affordable Care Act, and the recently-issued standards for financial instruments, leases, and revenue recognition.
- Reviews the characteristics of life insurance products, as well as a background of all the related transaction cycles that an insurance entity is involved with
- Provides helpful information for developing audit plans of life insurance entities (especially auditing investments, inforce files, reinsurance, insurance revenues, liabilities for future policy benefits, income taxes and deferred acquisition costs)
- Allows you to easily educate your staff on life and health insurance
- Includes accounting and auditing issues related to the Patient Protection and Affordable Care Act for assessments and premium stabilization programs (FASB ASC 720-50, SSAP No.106, Affordable Care Act Section 9010 Assessment, and SSAP No. 107, Accounting for the Risk-Sharing Provisions of the Affordable Care Act)
- Provides AICPA NAIC Task Force and the NAIC/AICPA Working Group document, “Best Practices: Insurance Regulator Access to Audit Documentation”
- ASU No. 2015-09, Financial Services—Insurance (Topic 944): Disclosures about Short-Duration Contracts
- AICPA Technical Questions and Answers, Section 9180, Required Supplementary Information
- SSAP No. 103R, Transfers and Servicing of Financial Assets and Extinguishments of Liabilities
- SSAP No. 97, Investments in Subsidiary, Controlled, and Affiliated Entities
- SSAP No. 106, Affordable Care Act Assessments
- SSAP No. 107, Accounting for the Risk-Sharing Provisions of the Affordable Care Act, and NAIC INT 15-01: ACA Risk Corridor Collectibility
Who Will Benefit
- Business and industry financial managers need this product to stay up to date with current GAAP and statutory accounting relevant to life and health insurance entities.
- Small firms need this product to stay up to date on current GAAP and statutory accounting and audit guidance related to life and health insurance entities. This product also provides a good background of the life and health insurance industry, products and regulatory issues.
- Large firms need this product to serve as background on GAAP and statutory accounting and audit guidance related to life and health insurance entities.
- Users of life and health insurance entity financial statements need this product for background on the industry, and information on current GAAP and statutory accounting for life and health insurance entities.
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