- Eyes on the prize: Implementing fast, flexible policy administration systems in the P&C insurance sector
4/23/13 | Financial Services Institute
In this publication, we focus on the execution and investigation on how to operationalize these goals through the use of PwC’s Policy Administration Delivery Framework.
WebcastPDP Live Webcast Series: Statutory Accounting Update – May 2, 2013
In this webcast, Jean Connolly summarizes the recent developments of the short and long-term projects of the NAIC with a focus on decisions reached at the 2013 NAIC Spring National Meeting (April 6 -9). The webcast also highlights the activities of some of the committees, task forces and working groups of the NAIC.
- IRS proposes regulations on compensation deduction limitation for health insurance providers
4/5/13 | Human resource services
The IRS has issued proposed regulations on the $500,000 compensation deduction limit for remuneration paid to employees, officers and directors of certain health insurance providers.
Setting the standardSetting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- March 2013
3/25/13 | Assurance services
Our Q1-2013 edition provides updates on the latest developments in revenue recognition, classification and measurement of financial instruments, impairment of financial assets, leases, insurance contracts, and more.
- The insurance industry and FATCA – Moving from assessment to implementation: Top 13 in ’13
3/20/13 | Financial services
The final FATCA regulations released in January brought clarity on some issues the insurance industry had identified in the proposed regulations. While some provisions in the final regulations attempt to simplify the impact on the insurance industry, other provisions have ultimately complicated FATCA's impact.
- IASB/FASB Insurance Contracts Project - Meeting summaries
3/6/13 | Insurance
Insurers currently use a variety of different and largely inconsistent local approaches to measure the value of insurance contracts within their statutory financial statements. This diversity makes it difficult to compare companies and may fail to reflect the true economic value of insurance business, which can put insurers at a considerable disadvantage when competing for capital.
- Life insurance is “sold” and not “bought” – for how long? A perspective on direct-to-consumer life insurance
2/14/13 | Financial Services Institute
After decades of relying on agency distribution, life insurers are unprepared to keep up with changing consumer buying habits and behaviors. The number of life insurance agents continues to decline as more consumers turn to the Web for insurance. Insurers must adapt their go-to-market strategies toward direct distribution or risk losing market share.
In briefIn brief: FASB decides on new accounting model for certain guarantees (No. 2013-06)
2/6/13 | Assurance services
The FASB decided at its February 6 meeting that certain guarantees issued by non-insurers, including certain financial guarantees issued by banks and other financial institutions, should be included in the scope of the proposed insurance contracts standard. The FASB’s tentative decision will be exposed for comment as part of its insurance contracts exposure draft. The exposure draft is expected by the end of the second quarter of 2013. This In brief article provides an overview of the FASB's tentative decision.
- How do the final FATCA regulations impact insurers?
1/28/13 | Financial services
PwC released an earlier newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed and final FATCA regulations, which potentially apply to all industries. To supplement the earlier newsbrief, this newsbrief describes the most notable differences between the proposed and final regulations that will impact insurers.
- Top Insurance Industry Issues in 2013: Contingent business interruption (CBI) and principles based reserving (PBR)
1/28/13 | Insurance
In the wake of recent natural disasters, CBI has new approaches to modeling and risk assessment. Principles based reserving (PBR) for life products will require many insurers to take a fresh look at their systems, processes, data and governance for both pricing and valuation. read the first two sections of the 2013 edition of Top Issues, which PwC will release in its entirety in March.
WebcastStatutory Accounting Update webcast – January 16, 2013
In this installment of the PDP Live Webcast Series, Jean Connolly will summarize the recent developments of NAIC projects with a focus on decisions reached at the 2012 NAIC Fall National Meeting.
Setting the standardSetting the standard -- What you need to know about the FASB's and IASB's standard setting activities -- December 2012
12/19/12 | Assurance services
There is no shortage of activity to report this quarter as the boards forged ahead on their major convergence projects. The FASB and IASB made several key decisions as they move closer toward issuing exposure drafts and final standards. In the Q4-2012 edition of Setting the standard, we update you on the latest developments of the joint standard setting projects of the FASB and IASB, as well as the latest on FASB-only projects.
- Game on: How information is changing the rules of insurance
11/27/12 | Financial Services Institute
Gaining an Information Advantage is no longer about generating insights. It is about making effective, efficient decisions and integrating information into everyday operations.
- Tax accounting for insurance companies - 2012
11/27/12 | Insurance
This paper discusses the important changes to income tax accounting under statutory accounting principles (SAP), including accounting for uncertain tax positions, which became effective on January 1, 2012.
DatalineDataline: Accounting and disclosure implications of Hurricane Sandy (No. 2012-17)
11/12/12 | Assurance services
Hurricane Sandy is expected to be the second-costliest Atlantic hurricane in history, only surpassed by Hurricane Katrina in 2005. Many businesses were disrupted by Hurricane Sandy and its aftermath including the New York Stock Exchange, which was closed for two days. While not all-inclusive, this Dataline discusses several accounting and disclosure-related matters companies may encounter in dealing with the financial reporting implications of Hurricane Sandy.
- Too important to fail: Insurance company enterprise risk and capital management capabilities
9/28/12 | Financial Services Institute
Regulatory changes present an opportunity for property and casualty (P&C) and life insurance companies to reexamine and risk management strategies, processes, and infrastructures for measuring performance and analyzing risk.
- Cutting through the regulatory knot
7/10/12 | Insurance
This PwC briefing is designed to help insurers look at the underlying trends that are shaping the latest regulatory developments, the thinking behind them and the implications for their strategy and operations.
- Top Insurance industry issues 2012: The impact of persistently low interest rates
1/25/12 | Insurance
Life insurers started feeling the effects of low interest rates on their sales, revenue, profitability, and company valuations in 2011, and the trend is expected to continue in 2012. Strategic options are available to help insurance companies manage through this period of decline.
- Preparing for the US ORSA: Considerations in advance of the new US insurance regulatory requirement
5/17/11 | Insurance
This paper describes the key steps that insurers can take today to influence the scope of the requirement and ensure a smooth transition to regulatory reporting of ORSAs.
DatalineDataline: Insurance contracts -- Comment letter themes being addressed in fast paced redeliberations (revised March 4, 2011*) (No. 2011-14)
2/25/11 | Assurance services
Several key issues surfaced from the comment letters, three public roundtable discussions, and other outreach efforts regarding the IASB's July 2010 exposure draft (ED) and the FASB's related September 2010 discussion paper (DP) setting out proposed changes to insurance accounting. Respondents' preferences on the overall measurement model were mixed with US constituents tending to support the FASB approach (in the event of a converged standard), and a clear majority of non-US constituents supporting the IASB approach. This Dataline provides a brief summary of the FASB DP and IASB ED along with a detailed analysis of the comments received on both the DP and ED for major issues, as well as the steps the boards have taken through February...
DatalineDataline: Accounting for costs associated with acquiring or renewing insurance contracts -- Questions and interpretive responses on implementing ASU 2010-26 (No. 2011-01)
1/5/11 | Assurance services
In October 2010, the FASB released ASU 2010-26, Financial Services--Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts. The ASU represents a final consensus of the Emerging Issues Task Force on Issue 09-G. ASU 2010-26 will likely change how insurance companies account for acquisition costs, particularly in determining what costs are deferrable. The new requirements are effective for fiscal years beginning after December 15, 2011, either prospectively or by retrospective adjustment. Earlier application is permitted as of the beginning of a company's annual reporting period (e.g., in 2011 for calendar year companies). This Dataline highlights certain frequently asked questions about the...
PwC comment letter (IASB)PwC Comments on Exposure Draft: Insurance Contracts
12/1/10 | Global accounting consulting services
PwC believes the IASB should continue to work with the FASB in evaluating and making changes responsive to comments received, resolving current differences between the Boards, and developing a global insurance standard. PwC expresses concerns about certain aspects of both the IASB and FASB proposals. One key concern is how the proposals would interact with other standards that are relevant to insurers' financial statements. PwC believes the IASB and FASB need to resolve their remaining differences on this project, address the concerns regarding the proposed models raised in PwC's letter to the IASB, and finalize one converged financial instruments standard, in order for a proposed insurance contracts accounting standard to be...
PwC comment letter (FASB)PwC Comments on FASB Discussion Paper: Preliminary Views on Insurance Contracts
11/30/10 | Assurance services
PwC believes the FASB should continue to work with the IASB in evaluating and making changes responsive to comments received, resolving current differences between the Boards, and developing a global insurance standard. PwC expresses concerns about certain aspects of both the IASB and FASB proposals. One key concern is how the proposals would interact with other standards that are relevant to insurers' financial statements. PwC believes the FASB and IASB need to resolve their remaining differences on this project, address the concerns regarding the proposed models raised in PwC's letter to the IASB, and finalize one converged financial instruments standard, in order for a proposed insurance contracts accounting standard to be...
DatalineDataline: Insurance Contracts -- Fundamental Accounting Changes Proposed (Revised February 16, 2011*) (No. 2010-39)
9/24/10 | Assurance services
The FASB has issued a discussion paper seeking comments on its preliminary views on accounting for insurance contracts that would fundamentally change the accounting by insurers and other entities that issue contracts with insurance risk. The discussion paper is an outgrowth of the IASB and FASB's joint efforts to develop a single converged insurance standard. The FASB's release of the discussion paper follows the IASB's late-July issuance of an exposure draft containing its proposals on the same topic. This Dataline discusses both documents and offers the firm's insights on the proposals.