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The accounting in ASC 944 is industry-specific guidance, meaning that the guidance is applicable only to insurance entities as defined in ASC 944-10-15. Evidence that an entity is an insurance entity may include that it:
  • Holds an insurance license
  • Is subject to reporting requirements with insurance regulators
  • Reflects its insurance mission in its purpose statements and prospectuses filings
  • Is subject to SEC Regulation S-X: Financial statement requirements: Article 7 – Insurance companies
Entities to which various subsections of ASC 944 apply include:
  • Life and health insurance entities (stock and mutual entities)
  • Property and liability (or “property/casualty”) insurance entities (stock and mutual entities)
  • Title insurance entities
  • Assessment entities
  • Fraternal benefit societies
  • Mortgage guaranty insurance entities
  • Financial guaranty insurance entities
  • Pools other than public-entity risk pools
  • Syndicates
  • Captive insurance entities
  • Reinsurance entities
  • Reciprocal exchanges or inter-insurance exchanges
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