- NAIC adopted Statement of Statutory Accounting Principles No. 107, Accounting for the Risk-Sharing Provisions of the Affordable Care Act (SSAP No. 107), as previously exposed.
- While safeguarding information assets is not a new business objective, cybersecurity has emerged as an area of critical concern for executives and boards of directors. As organizations’ key business operations have become more technology-reliant, they also have become more vulnerable to a cyber-attack.
- At the November 2014 National Association of Insurance Commissioners (NAIC) meeting, the Executive Committee is expected to formally adopt the Corporate Governance Annual Disclosure Model Act and the Corporate Governance Annual Disclosure Model Regulation (collectively “the Act”). The Act will require insurers of all sizes to make an annual filing with the lead state Insurance Commissioner which discloses the insurer’s corporate governance structure, policies and practices.
- In June 2013, the Financial Accounting Standards Board (FASB) issued its Exposure Draft on Insurance Contracts. Feedback from respondents was overwhelmingly in support of retaining the current guidance for recognition and measurement for short-duration contracts existing in US Generally Accepted Accounting Principles (GAAP). However, financial statement users commented that expanded disclosures about the liability for unpaid claims and claim adjustment expenses would increase the transparency of significant estimates and provide insight into the ability of the insurance entity to underwrite and anticipate claims.
- Baker Tilly's financial services industry specialists review internal controls best practices in the Internal Controls 2014 webinar.
- Previous Next