- Insurance organizations thought ASC 606 would have minimal impact on the industry because insurance contracts were out of scope, but as companies and accounting specialists delved into the standard, they discovered many insurance organizations have revenue streams that fall under the scope of ASC 606.
- The Statutory Accounting Principles (E) Working Group exposed revisions to disclosures related to short-duration contracts. Insurance companies have until March 17, 2017 to review the changes.
- The NAIC Cybersecurity (EX) Task Force recently discussed use and contracting of third parties, including breach notification and state regulatory oversight.
- In Internal Revenue Bulletin 2016-51, the Internal Revenue Service published Rev. Proc. 2016-59 (loss payment patterns and discount factors) and Rev. Proc. 2016-59 (salvage discount factors) for 2016.
- As compliance for regulations increase, outside auditors need to widen their expertise. Baker Tilly’s Chris Anderson shares insights on the integration of technology and audit expertise in this A.M. Best article (subscription may be required).
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