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1.4 FASB guidance for insurance contracts
Publication date: 30 Sep 2020
us Insurance guide
In addition to the guidance in ASC 944, the FASB published a non-authoritative document entitled, A Primer on Accounting Models for Long-Duration Life Insurance Contracts under US GAAP, which discusses the accounting models that govern financial reporting of long-duration life insurance contracts under GAAP. Like all primers, it is neither comprehensive in scope nor complete in detail. Instead, it is an introduction to the three GAAP accounting models that are used by life insurance enterprises.
ASC 815, Derivatives and Hedging, provides guidance on the accounting for derivative financial instruments and accounting for hedging activities. Certain contracts issued by insurance companies may be subject to the provisions of ASC 815.
Figure IG 1-2 lists the paragraphs within ASC 815 that relate specifically to insurance products.
Figure IG 1-2
ASC 815 paragraphs related to insurance products
ASC 815 paragraphs related to insurance products
Codification reference
| Insurance product
|
ASC 815-10-05-8 through ASC 815-10-05-15
| Synthetic Guaranteed Investment Contracts
|
ASC 815-10-55-32 through ASC 815-10-55-36
| Dual-Trigger Financial Guarantee Contracts
|
ASC 815-10-55-37 through ASC 815-10-55-40, ASC 815-10-55-132 through ASC 815-10-55-134, and ASC 815-15-55-12
| Certain Insurance Contracts - Dual-Trigger Property and Casualty Insurance Contracts
|
ASC 815-15-55-1 through ASC 815-15-55-4
| Features Involving Certain Currencies - Certain Insurance Contracts
|
Payment Alternatives for Variable Annuity Contracts
| |
Equity-Indexed Annuity Contracts
| |
ASC 815-15-55-101 through 55-109
| Equity-Indexed Life Insurance Contracts
|
ASC 815-15-55-101 through 55-109
| Clearly and Closely Related Criterion - Credit-Sensitive Payments, Embedded Credit Derivatives (including guidance on reinsurer's receivable arising from a modified coinsurance arrangement)
|
ASC 815-15-55-120 through 55-127
| Clearly and Closely Related Criterion - Market Adjusted Value Prepayment Options
|
ASC 944-815, Derivatives and Hedging, includes guidance on some specific issues relating to derivatives and insurance contracts.
ASC 950-350, Financial Services - Title Plant, established standards for costs associated with title insurance enterprises, title abstract enterprises, and title agents that use title plant in their operations.
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