Table of Contents. Chapter 2 What is Insurance? Part I: Introduction... 7 (a) Background... 7
|
|
- Charla Porter
- 5 years ago
- Views:
Transcription
1 Table of Contents Chapter Page Chapter 1 Why Are There Separate Tax Rules For Insurance Companies? (a) The unique characteristics of insurance companies (b) Applying these characteristics to tax policy goals (c) The following chapters Chapter 2 What is Insurance? Part I: Introduction (a) Background (b) Helvering v. Le Gierse (c) Economics of insurance coverage (d) Risk-shifting, risk-distribution and other factors Part II: Self-Insurance and Captive Insurers (a) Background (b) Self-insurance (c) Captive insurers: historic background (d) The Service no longer follows the economic family theory (e) No unrelated risks transferred in parent-subsidiary arrangements 18 (f) Brother-sister transactions (g) Impact of undercapitalizations, guarantees and other financial enhancements (h) Coverage of other related entities (i) Coverage by an unrelated company (j) Significant unrelated risks (k) Sears (l) Economic substance and arms length income allocations (m) Premiums paid to cover others risks (n) Insurance pools and group captives (o) Further guidance requested (p) Ruling requests
2 vi Federal Income Taxation of Insurance Companies Part III: Characterization of Other Arrangements and Contracts (a) Reciprocal flood insurance exchange arrangements (b) Retroactive insurance (c) Retrospective insurance (d) Bail and surety bonds (e) Warranty & extended service contracts Part IV: Commercial-Type Insurance: Section 501(m) (a) Background (b) Insurance pools (c) Incidental health insurance provided by an HMO (d) Other exceptions Chapter 3 What is an Insurance Company? (a) The definition of insurance company (b) Characterization of certain entities that provide insurance-related services (c) The definition of life insurance company (d) Selected differences in the tax treatment of life and nonlife insurers (e) Changes in the status of insurance companies (f) Termination of an insurance company (g) Insurers in liquidation or rehabilitation Chapter 4 Life Insurance Company Taxable Income (a) A brief history of life insurance company taxation (b) Life insurance company taxable income (LICTI) (c) Life insurance gross income (d) Life insurance deductions (e) Modifications to selected deductions: section 805(b) (f) Accrued benefits and losses incurred (g) Operations loss deduction (h) Small life insurance company deduction (i) Accounting rules: in general (j) Amortization of bond discount and premium (k) Accounting periods
3 Table of Contents ii Chapter 5 Reinsurance Transactions and DAC Part I: Reinsurance Transactions (a) Background (b) Indemnity reinsurance (c) Assumption reinsurance Part II: Section Part III: DAC Under Section (a) Background (b) Scope of section (c) Specified insurance contracts (d) Net premiums (e) Reinsurance arrangements Chapter 6 Life Insurance Company Reserves Part I: The Need For Life Insurance Company Reser ve Rules Part II: The Definition of Life Insurance Reserves: Section 816(b) (a) Background (b) Life insurance reserves must be determined using recognized actuarial factors (c) Life insurance reserves must be set aside (d) Life insurance reserves must mature or liquidate future unaccrued claims (e) The future unaccrued claims must arise from life insurance, annuity, and noncancellable accident and health insurance contracts (including life insurance or annuity contracts combined with noncancellable accident and health insurance) (f) Future unaccrued claims must involve life, accident, or health contingencies (g) The reserves must be required by law Part III Reserve Computation Rules (a) Background (b) Reserves under the Tax Reform Act of
4 viii Federal Income Taxation of Insurance Companies (c) Effective date and fresh start (transition) rules (d) Prescribed mortality and morbidity tables (e) Curtate and continuous payment and benefit assumptions (f) Prescribed assumed interest rates (g) Tax reserve methods (h) Principles-based reserve rules (i) Other reserve items: sections 807(c)(2)-(c)(6) Part IV: Special Adjustments To Reserves (a) Changes in the basis in computing reserves (b) Retroactive adjustments (c) Tax benefit rule and life insurance reserve adjustments Chapter 7 Separate Accounts Part I: Introduction (a) Background (b) Variable contracts in general (c) Investor control doctrine Part II: Diversification Rules (a) Background (b) Diversification requirements (c) Look-through rules (d) Pension plan contracts (e) Definitions (f) Other rules Part III: Applying Subchapter L to Variable Contracts Part IV: Modified Guaranteed Contracts Chapter 8 Policyholder Dividends Part I: Section Part II: Prior-Law Section Chapter 9 Proration
5 Table of Contents ix (a) Background (b) Proration of tax-exempt interest (c) The constitutionality of the proration of tax-exempt interest (d) Dividend distributions: section 805(a)(4) Chapter 10 Property and Casualty Insurance Companies (a) Distinguishing property and casualty from life insurance company taxation (b) Taxable income: in general (c) Underwriting income: in general (d) Gross premiums written: in general (e) Unearned premiums (f) Return premiums (g) Premiums paid for reinsurance (h) When are gross premiums written taken into account? (i) Acquisition cost matching rules (j) Retrospective rate credits and debits (k) Stabilization reserves (l) Other items included in gross premiums written (m) Losses incurred (n) Fair and reasonable estimates of incurred loss reserves (o) Discounting unpaid losses: section (p) Salvage and subrogation (q) The tax benefit rule (r) Proration (s) Expenses incurred: section 832(b)(6) (t) Limitations on net operating losses (u) Other components of gross income (v) Mortgage guaranty insurance (w) Tax-exempt section 501(c)(15) insurance companies (x) The alternative tax for certain small companies under section 831(b) (y) Reciprocals and interinsurers (z) Perpetual policies and factory mutual insurance companies Chapter 11 Blue Cross/Blue Shield Organizations (a) Background (b) Material changes in operation or structure (c) Other qualified organizations
6 x Federal Income Taxation of Insurance Companies (d) The section 833(b) deduction (e) Adjusted basis of assets Chapter 12 Corporate Taxation of Insurance Companies (a) Corporate status of insurance companies (b) Distributions from the policyholders surplus account (PSA) (c) The impact of corporate tax rules (d) Corporate reorganizations (e) Carryover rules: section 381(c) (f) Section 338 transactions (g) Save the charter transactions (h) Demutualizations and other mutual company conversions (i) Surplus notes: debt or equity? (j) Life-nonlife consolidated return rules: background (k) Includible life insurance companies (l) Tacking rules (m) Impact of investment adjustment rules (n) The election (o) Mutual holding company transactions (p) Consolidated taxable income computation rules in general (q) Nonlife subgroup losses (r) Life subgroup losses (s) Decreases in policyholders surplus accounts (PSAs) (t) Capital gains and losses (u) Preemption and impact of other rules (v) Intercompany transactions Appendix I: Statutes Appendix II: Treasury Regulations Appendix III: Cases Appendix IV: IRS Pronouncements Appendix V: Written Determinations Index
UNITED STATES International Comparison of Insurance Taxation January 2005
International Comparison of Insurance International Comparison of Insurance United States General Insurance 1 Definition Definition of property and casualty insurance company A company to which insurance
More informationCurrent Authoritative Guidance for Income Taxes: SSAP No. 101 This issue paper may not be directly related to the current authoritative statement.
Statutory Issue Paper No. 83 Accounting for Income Taxes STATUS Finalized March 16, 1998 Current Authoritative Guidance for Income Taxes: SSAP No. 101 This issue paper may not be directly related to the
More informationThe Impact of the 2017 Tax Reform on life insurance companies. Iowa Actuaries Club
www.pwc.com The Impact of the 2017 Tax Reform on life insurance companies Iowa Actuaries Club February 20, 2018 Today s presenter Chuck Chacosky, Actuarial Services (AS) Director charles.k.chacosky@pwc.com
More informationNavigating the Fundamentals of Captive Taxation
Navigating the Fundamentals of Captive Taxation Matt Gravelin-Johnson Lambert Derick White-Strategic Risk Solutions Jeff Johnson- Primmer Piper Eggleston and Cramer, PC March 10, 2014 from 1:30-2:30pm
More informationArticle from Taxing Times. October 2017 Volume 13, Issue 3
Article from Taxing Times October 2017 Volume 13, Issue 3 In the Beginning A Column Devoted to Tax Basics The Taxation of Reinsurance Transactions By Jean Baxley and Eli Katz Reinsurance involves the transfer
More informationLegal Alert: Tax Cuts and Jobs Bill Update, November 14: Major Insurance Industry Changes
Jobs Bill Update, November November 14, 2017 As noted in a previous Eversheds Sutherland Legal Alert, on November 2, the House Ways and Means Committee released the Tax Cuts and Jobs Act (H.R. 1) (the
More informationCHAPTER Committee Substitute for Committee Substitute for House Bill No. 805
CHAPTER 2014-132 Committee Substitute for Committee Substitute for House Bill No. 805 An act relating to title insurer reserves; amending s. 625.041, F.S.; revising criteria with respect to liabilities
More informationStatement of Statutory Accounting Principles No. 54. Individual and Group Accident and Health Contracts
Statement of Statutory Accounting Principles No. 54 Individual and Group Accident and Health Contracts STATUS Type of Issue: Common Area Issued: Finalized March 13, 2000 Effective Date: January 1, 2001
More informationNATIONAL GRANGE MUTUAL INSURANCE COMPANY AND INSURANCE SUBSIDIARIES
NATIONAL GRANGE MUTUAL INSURANCE COMPANY AND INSURANCE SUBSIDIARIES CONSOLIDATED STATUTORY BASIS FINANCIAL STATEMENTS AS OF DECEMBER 31, 2003 AND 2002 TOGETHER WITH REPORT OF INDEPENDENT AUDITORS National
More informationPhoenix Life Insurance Company
Phoenix Life Insurance Company (a wholly owned subsidiary of The Phoenix Companies, Inc.) Statutory Financial Statements and Supplemental Schedules December 31, 2015 and 2014 Table of Contents Page Statutory
More informationUnited of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company)
UNITED OF OMAHA LIFE INSURANCE COMPANY *69868201722000100* Audited Financial Report United of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company) Statutory Financial
More informationLegal Alert: Tax Cuts and Jobs Bill: Major Insurance Industry Changes
Jobs Bill: Major Insurance November 8, 2017 On November 2, 2017, the House Ways and Means Committee released the Tax Cuts and Jobs Act (H.R. 1) (the Bill). The Bill already has been amended and likely
More informationQ02. Statement for March 31, 2017 of the
ASSETS Current Statement Date 4 Net Admitted December 31 Nonadmitted Assets Prior Year Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds......57,076,436......57,076,436...58,156,107 2. Stocks: 2.1
More informationQ02. Statement for June 30, 2018 of the
ASSETS Current Statement Date 4 Net Admitted December 31 Nonadmitted Assets Prior Year Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds......61,966,597......61,966,597...62,352,078 2. Stocks: 2.1
More informationTWIN CITY FIRE INSURANCE COMPANY ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......595,649,174...0...595,649,174...592,035,687 2. Stocks (Schedule
More informationClerical Medical Managed Funds Limited
Clerical Medical Managed Funds Limited Annual PRA Insurance Returns for the year ended 31 December 2014 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.6 Balance Sheet and Profit and Loss Account Contents Form
More informationUnited of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company)
United of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company) Statutory Financial Statements as of December 31, 2014 and 2013, and for the Years Ended December
More informationC OMBINED S TATUTORY-BASIS F INANCIAL S TATEMENTS
C OMBINED S TATUTORY-BASIS F INANCIAL S TATEMENTS NGM Insurance Company and Insurance Subsidiaries As of December 31, 2008 And 2007 Together With Report of Independent Auditors Combined Statutory-Basis
More informationCompany: Disclosure Requirements for Insurance Entities STATUTORY Balance Sheet Date: December 31, 2017
Explanatory Comments The following is a list of the primary disclosure requirements for statutory basis financial statements of insurance companies as required by Statutory Accounting Principles. This
More informationNATIONWIDE MUTUAL INSURANCE COMPANY ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......13,448,897,591......13,448,897,591...12,596,064,815 2. Stocks
More informationPensions Management (SWF) Limited
Annual FSA Insurance Returns for the year ended 31 December 2010 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.6 Balance Sheet and Profit and Loss Account Contents Form 2 Statement of solvency - long-term insurance
More informationStandard Life Pension Funds Limited
Standard Life Pension Funds Limited Annual PRA Insurance Returns for the financial year ended 31 December 2014 Prepared in accordance with the Accounts and Statements Rules (Appendices 9.1, 9.3, 9.4 and
More informationHALIFAX LIFE LIMITED
Annual PRA Insurance Returns for the year ended 31 December 2014 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.6 Balance Sheet and Profit and Loss Account Contents Form 2 Statement of solvency - long-term insurance
More informationPACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES
PACIFIC MUTUAL HOLDING COMPANY AND SUBSIDIARIES Consolidated Financial Statements as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 and Independent Auditors' Report
More information831(b) Captives and Tax Issues
831(b) Captives and Tax Issues September 16, 2014 Presented by: David J. Slenn Quarles & Brady LLP (239) 659.5061 david.slenn@quarles.com Chicago Indianapolis Madison Milwaukee Naples Phoenix Tampa Tucson
More informationEquitable Life Assurance Society
Equitable Life Assurance Society Annual PRA Insurance Returns for the year ended 31 December 2015 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.4A, 9.6 Balance Sheet and Profit and Loss Account Contents Form
More informationNAIC Group Code 0008 NAIC Company Code 00086
PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE ALLSTATE INSURANCE GROUP its affiliated property casualty
More informationCompany: Disclosure Requirements for Insurance Entities GAAP Balance Sheet Date: December 31, 2017
Explanatory Comments The following is a list of the disclosure requirements for financial statements of insurance entities as required by generally accepted accounting principles (GAAP). This is not a
More informationCOMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 OF THE CONDITION AND AFFAIRS OF THE
PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE CINCINNATI INSURANCE GROUP its affiliated property casualty
More informationCOMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 OF THE CONDITION AND AFFAIRS OF THE
PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE Zurich American Insurance Company Affiliates its affiliated
More informationErie Insurance Company of New York ASSETS
ASSETS 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......62,352,078......62,352,078...58,156,107 2. Stocks (Schedule D): 2.1 Preferred stocks............0...
More informationCOMBINED ANNUAL STATEMENT
PROPERTY AND CASUALTY COMPANIES ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDING December, 06 OF THE CONDITION AND AFFAIRS OF THE ZENITH INSURANCE COMPANY AND ITS AFFILIATED PROPERTY AND
More informationStandard Life Pension Funds Limited
Standard Life Pension Funds Limited Annual FSA Insurance Returns for the financial year ended 31 December 2012 Prepared in accordance with the Accounts and Statements Rules (Appendices 9.1,9.3,9.4 and
More informationCOMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 OF THE CONDITION AND AFFAIRS OF THE
PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE ALLSTATE INSURANCE GROUP its affiliated property casualty
More informationQ02. Statement for March 31, 2017 of the
ASSETS Current Statement Date 4 Net Admitted December 31 Nonadmitted Assets Prior Year Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds......11,725,030......11,725,030...11,328,776 2. Stocks: 2.1
More informationStandard Life Pension Funds Limited
Standard Life Pension Funds Limited Annual PRA Insurance Returns for the financial year ended 31 December 2015 Prepared in accordance with the Accounts and Statements Rules (Appendices 9.1, 9.3, 9.4 and
More informationSession 41, Tax Considerations for the Life Insurance Actuary. Moderator: Brian Prast, FSA, MAAA. Presenter: Graham Green Brian McBride, FSA, MAAA
Session 41, Tax Considerations for the Life Insurance Actuary Moderator: Brian Prast, FSA, MAAA Presenter: Graham Green Brian McBride, FSA, MAAA Brian Prast, FSA, MAAA 2016 Valuation Actuary Symposium
More informationCOMBINED ANNUAL STATEMENT
COMBINED ANNUAL STATEMENT OF THE LIBERTY MUTUAL INSURANCE COMPANY and its affiliated property and casualty insurers of TO THE Insurance Department OF THE FOR THE YEAR ENDED December 31, 2014 PROPERTY AND
More informationCOMBINED ANNUAL STATEMENT For the Year Ended December 31, 2015 of the Condition and Affairs of the
COMBINED PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION *00914201520100100* COMBINED ANNUAL STATEMENT For the Year Ended December 31, 2015 of the Condition and Affairs of the and its affiliated
More informationMaine Employers Mutual Insurance Company. Financial Statements (Statutory Basis) December 31, 2016 and 2015
Maine Employers Mutual Insurance Company Financial Statements December 31, 2016 and 2015 Index Page(s) Independent Auditor s Report... 1 2 Financial Statements - Statements of Admitted Assets, Liabilities
More informationECCLESIA ASSURANCE COMPANY. Financial Statements. December 31, 2010 and (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) KPMG LLP 345 Park Avenue New York, NY 10154 Independent Auditors Report The Board of Directors Ecclesia Assurance Company: We have audited
More informationST ANDREW'S LIFE ASSURANCE PLC
Annual FSA Insurance Returns for the year ended 31 December 2011 IPRU(INS) Appendices 9.1, 9.3, 9.4, 9.6 Balance Sheet and Profit and Loss Account Contents Form 2 Statement of solvency - long-term insurance
More informationCOURSE 5 MORNING SESSION APPLICATION OF BASIC ACTUARIAL PRINCIPLES SECTION A-WRITTEN ANSWER
COURSE 5 MORNING SESSION APPLICATION OF BASIC ACTUARIAL PRINCIPLES SECTION A-WRITTEN ANSWER **BEGINNING OF EXAMINATION** COURSE 5 MORNING SESSION 1. (4 points) Describe the reasons an individual or a business
More informationHERITAGE INSURANCE HOLDINGS, INC. (Exact name of registrant as specified in its charter)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A (Amendment No. 1) CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report
More informationEducational Note. Discounting. Committee on Property and Casualty Insurance Financial Reporting. July Document
Educational Note Discounting Committee on Property and Casualty Insurance Financial Reporting July 2005 Document 205052 Ce document est disponible en français 2005 Canadian Institute of Actuaries Educational
More information* * Mutual of Omaha Insurance Company
* 71412201622000100* MUTUAL OF OMAHA INSURANCE COMPANY Audited Financial Statement Mutual of Omaha Insurance Company Statutory Financial Statements as of and for the Years Ended December 31, 2016 and 2015,
More informationSession 58 PD, Tax Considerations for the Life Actuary. Moderator: Jacqueline F. Yang, FSA, ACIA, MAAA
Session 58 PD, Tax Considerations for the Life Actuary Moderator: Jacqueline F. Yang, FSA, ACIA, MAAA Presenters: Jean Baxley, JD, LLM Timothy Gregory Branch, FSA, MAAA Mark S. Smith, CPA, Esq. Session
More informationMetropolitan Property and Casualty Insurance Company ASSETS
ASSETS 2 Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......2,881,506,666...0...2,881,506,666...2,931,285,752 2. Stocks
More informationLiberty Mutual Holding Company Inc. Financial Statements
Financial Statements Consolidated Statements of Income 30 Consolidated Balance Sheets 31 Consolidated Statements of Changes in Policyholders Equity 32 Consolidated Statements of Cash Flows 33 Notes to
More informationMAINE EMPLOYERS MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 AND 2012
MAINE EMPLOYERS MUTUAL INSURANCE COMPANY FINANCIAL STATEMENTS (STATUTORY BASIS) DECEMBER 31, 2013 AND 2012 Index Page(s) Report of Independent Auditors... 1 2 Financial Statements - Statements of Admitted
More informationInsurance provisions in Tax Cuts and Jobs Act conference report
Insurance provisions in Tax Cuts and Jobs Act conference report December 18, 2017 1 On December 15, the U.S. House and Senate Republican conferees for H.R. 1, the Tax Cuts and Jobs Act, reached an agreement
More informationOriginal SSAP and Current Authoritative Guidance: SSAP No. 71
Statutory Issue Paper No. 71 Policy Acquisition Costs and Commissions STATUS Finalized March 16, 1998 Original SSAP and Current Authoritative Guidance: SSAP No. 71 Type of Issue: Common Area SUMMARY OF
More informationUnited of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company)
United of Omaha Life Insurance Company A Wholly Owned Subsidiary of (Mutual of Omaha Insurance Company) Statutory Financial Statements as of December 31, 2015 and 2014, and for the Years Ended December
More informationEmerging Accounting Issues (E) Working Group Agenda Submission Form Form B
Emerging Accounting Issues (E) Working Group Agenda Submission Form Form B Issue: Reference INTs Within Applicable SSAPs Attachment B Reference INTs in SSAPs Description of Transaction/Event/Issue: During
More informationCOMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 OF THE CONDITION AND AFFAIRS OF THE
*00000000* PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE AMERICAN INTERNATIONAL GROUP, INC. its affiliated
More informationUniversal Life-Type Contracts, Policyholder Dividends, and Coupons
Statutory Issue Paper No. 56 Universal Life-Type Contracts, Policyholder Dividends, and Coupons STATUS Finalized March 16, 1998 Original SSAP: SSAP No. 51; Current Authoritative Guidance: SSAP No. 51R
More informationPOLAND International Comparison of Insurance Taxation January 2005
International Comparison of Insurance International Comparison of Insurance Poland General Insurance 1 Definition Definition of property and casualty insurance company An entity carrying out property and
More informationThe Travelers Companies, Inc. Financial Supplement - Fourth Quarter 2016
Financial Supplement - Fourth Quarter 2016 Page Number Consolidated Results Financial Highlights 1 Reconciliation to Net Income and Earnings Per Share 2 Statement of Income 3 Net Income by Major Component
More informationFINANCIAL STATEMENT REVIEW. Frontier Pacific Estate Conservation & Liquidation Office For the Period January 1, 2015
FINANCIAL STATEMENT REVIEW Frontier Pacific Estate Conservation & Liquidation Office For the Period January 1, 2015 through December 31, 2015 Prepared By: Office of State Audits and Evaluations Department
More informationFinancial statements. Liberty Mutual Holding Company Inc. C o n t e n t s
Liberty Mutual Holding Company Inc. Financial statements C o n t e n t s Consolidated statements of Income 36 Consolidated Balance sheets 37 Consolidated statements of Changes in Policyholders equity 38
More informationFinancial Statements For the Year Ended December 31, 2018
Financial Statements For the Year Ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 4 Statement of Comprehensive Income
More informationKOREA International Comparison of Insurance Taxation January 2005
International Comparison of Insurance International Comparison of Insurance Korea General Insurance 1 Definition Definition of "property and casualty insurance company" A company that carries on property
More informationCOMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 OF THE CONDITION AND AFFAIRS OF THE
*00000000* PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 0 OF THE CONDITION AND AFFAIRS OF THE AMERICAN INTERNATIONAL GROUP, INC. its affiliated
More information2017 West Virginia House Bill No. 2683, West Virginia Eighty-Third Legislature - Regular Session, 2017 WEST VIRGINIA BILL TEXT
2017 West Virginia House Bill No. 2683, West Virginia Eighty-Third Legislature - Regular Session, 2017 WEST VIRGINIA BILL TEXT TITLE: Relating to West Virginia Insurance Guaranty Association Act VERSION:
More informationNAIC BLANKS (E) WORKING GROUP
NAIC BLANKS (E) WORKING GROUP Blanks Agenda Item Submission Form DATE: February 14, 2011 CONTACT PERSON: Joe Bieniek David Cox TELEPHONE: 816.783.8226 314.909.1320 EMAIL ADDRESS: JBieniek@NAIC.org David.Cox@insurance.mo.gov
More informationCONDENSED CONSOLIDATED BALANCE SHEET AXIS Ventures Reinsurance Limited As at December 31, 2017 expressed in United States Dollars
CONDENSED CONSOLIDATED BALANCE SHEET AXIS Ventures Reinsurance Limited As at December 31, 2017 expressed in United States Dollars LINE No. 2017 2016 1. CASH AND CASH EQUIVALENTS 459,330,422 180,902,578
More informationSupplemental Background Material. Life & Health Insurance Accounting (Passing grade for this exam is 70)
Supplemental Background Material NAIC Examiner Project Course AFE 3 Life & Health Insurance Accounting (Passing grade for this exam is 70) Please note that this study guide is a tool for learning the materials
More informationBERMUDA MONETARY AUTHORITY
BERMUDA MONETARY AUTHORITY GUIDANCE NOTES FOR COMMERCIAL INSURERS AND INSURANCE GROUPS STATUTORY REPORTING REGIME 30 th NOVEMBER 2016 Table of Contents INTRODUCTION... 5 I. AMENDMENTS TO COMMERCIAL INSURERS
More informationACE INA Overseas Insurance Company and its subsidiaries (Incorporated in Bermuda)
ACE INA Overseas Insurance Company and its subsidiaries (Incorporated in Bermuda) Consolidated GAAP Financial Statements (in thousands of U.S. dollars) Report of Independent Auditors To the Board of Directors
More informationMetropolitan Property and Casualty Insurance Company ASSETS
ASSETS 2 Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......3,207,036,987...0...3,207,036,987...2,881,506,666 2. Stocks
More informationCOMBINED ANNUAL STATEMENT
COMBINED ANNUAL STATEMENT OF THE NATIONWIDE MUTUAL INSURANCE COMPANY AND ITS TO THE Insurance Department OF THE STATE OF FOR THE YEAR ENDED DECEMBER, 0 PROPERTY AND CASUALTY 0 ANNUAL STATEMENT BLANK ALPHABETICAL
More informationArticle from: Taxing Times. May 2014 Volume 10, Issue 2
Article from: Taxing Times May 2014 Volume 10, Issue 2 T 3 : TAXING TIMES TIDBITS Susan J. Hotine is a partner with the Washington, D.C. law firm Scribner, Hall & Thompson, LLP and may be reached at shotine@
More informationConsolidated Financial Statements
90 Consolidated Financial Statements 91 Consolidated income statements in USD millions, for the years ended December 31 Notes 2007 2006 Revenues Gross written premiums and policy fees 47,472 46,444 Less
More informationWYOMING INSURANCE GUARANTY ASSOCIATION ACT
WYOMING INSURANCE GUARANTY ASSOCIATION ACT Sec. 26-31-101. Short title 26-31-102. Applicability 26-31-103. Definitions 26-31-104. Association created; members; operation and exercise of powers 26-31-105.
More informationCHAPTER Senate Bill No. 356
CHAPTER 2013-125 Senate Bill No. 356 An act relating to mutual insurance corporations; amending ss. 627.971 and 627.972, F.S.; providing that such corporations include licensed mutual insurers as well
More informationAN ACT IN THE COUNCIL OF THE DISTRICT OF COLUMBIA
AN ACT Codification District of Columbia Code 2001 Supp. IN THE COUNCIL OF THE DISTRICT OF COLUMBIA To permit the chartering and operation of captive insurance companies in the District of Columbia; to
More informationFINANCIAL INFORMATION
FINANCIAL INFORMATION ANNUAL REPORT 2014 II INDEX Report of Independent Auditors 2 Consolidated Financial Statements 4 Consolidated Balance Sheets 4 Consolidated Statements of Income 6 Consolidated Statements
More informationTaxNewsFlash. Insurance provisions in tax bill approved by Senate
TaxNewsFlash United States No. 2017-539 December 4, 2017 Insurance provisions in tax bill approved by Senate On December 2, the U.S. Senate passed reconciliation legislation (H.R. 1, the Tax Cuts and Jobs
More informationChapter 2. What is Insurance?
Chapter 2 What is Insurance? This chapter addresses: The definition of insurance under the Federal income tax law, including the impact of the risk-shifting, risk-distribution, and other requirements of
More informationFirst Reliance Standard Life Insurance Company ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......102,234,486......102,234,486...100,851,367 2. Stocks (Schedule
More informationNAIC Group Code 0008 NAIC Company Code Combined Statement Contact Lynn Cirrincione, (Area Code) (Telephone Number)
PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION COMBINED ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER, 00 OF THE CONDITION AND AFFAIRS OF THE ALLSTATE INSURANCE COMPANY AND ITS AFFILIATED its affiliated
More informationCaradoc Townsend Mutual Insurance Company. Consolidated Financial Statements December 31, 2018
Consolidated Financial Statements December 31, 2018 Index to Consolidated Financial Statements December 31, 2018 MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING 1 Page INDEPENDENT AUDITOR'S REPORT
More informationSentinel Security Life Insurance Company
Sentinel Security Life Insurance Company STATUTORY FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT For the Years Ended December 31, 2012 and 2011 C O N T E N T S Independent Auditors' Report... 2
More informationMetropolitan Direct Property and Casualty Insurance Company ASSETS
ASSETS Current Year Prior Year 1 2 3 4 Net Admitted Nonadmitted Assets Net Assets Assets (Cols. 1-2) Admitted Assets 1. Bonds (Schedule D)......29,421,421...0...29,421,421...28,718,306 2. Stocks (Schedule
More informationTax Cuts and Jobs Act considerations for life actuaries. 20 March 2018
Tax Cuts and Jobs Act considerations for life actuaries 20 March 2018 Presenters Hal Kolpak, ASA, MAAA Manager Insurance and Actuarial Advisory Services Ernst & Young LLP Aria Zhou, ASA, MAAA Senior Insurance
More informationEcclesia Assurance Company
Ecclesia Assurance Company Independent Auditors Report, Financial Statements and Exhibits As of and for the Years Ended December 31, 2014 and 2013 Accounting Tax Advisory Independent Auditors Report To
More informationPeel Mutual Insurance Company. Financial Statements
Peel Mutual Insurance Company Financial Statements For the year ended Peel Mutual Insurance Company Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 1 Statement
More informationInternational Comparison of Insurance Taxation. October 2007
International Comparison of Insurance International Comparison of Insurance Switzerland General Insurance 1 Definition Definition of property and casualty insurance company A company to which property
More informationStandard Life Investment Funds Limited
Standard Life Investment Funds Limited Annual FSA Insurance Returns for the year ended 31 December 2008 Prepared in accordance with the Accounts and Statements Rules (Appendices 9.1,9.3,9.4 and 9.6) Contents
More informationVoya Financial Announces Second-Quarter 2017 Results
Voya Financial Announces Second-Quarter 2017 Results NEW YORK, Aug. 1, 2017 Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the second quarter of 2017. 2Q 2017 net income available
More informationCONDENSED BALANCE SHEET Split Rock Insurance, Ltd. As at December 31, 2016 expressed in ['000s] United States Dollars
CONDENSED BALANCE SHEET Split Rock Insurance, Ltd. As at December 31, 2016 expressed in ['000s] United States Dollars LINE No. 2016 2015 1. CASH AND CASH EQUIVALENTS 34,522 2. QUOTED INVESTMENTS: (a) Bonds
More informationVoya Financial Announces First-Quarter 2018 Results
Voya Financial Announces First-Quarter 2018 Results First-quarter 2018 net income available to common shareholders of $2.50 per diluted share First-quarter 2018 adjusted operating earnings 1 of $0.77 per
More informationIN THE COMMONWEALTH COURT OF PENNSYLVANIA : : : : : : : : :
IN THE COMMONWEALTH COURT OF PENNSYLVANIA IN RE: Reliance Insurance Company In Liquidation : : : : : : : : : NO. 1 REL 2001 REPORT OF THE LIQUIDATOR ON THE STATUS OF THE LIQUIDATION OF RELIANCE INSURANCE
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended
More informationMaine Employers Mutual Insurance Company. MEMIC Indemnity Company. MEMIC Casualty Company
Maine Employers Mutual Insurance Company Financial Statements page 2 MEMIC Indemnity Company Financial Statements page 43 MEMIC Casualty Company Financial Statements page 80 Maine Employers Mutual Insurance
More informationAmerican International Reinsurance Company, Ltd. and Subsidiary Audited GAAP Consolidated Financial Statements. December 31, 2017 and 2016
American International Reinsurance Company, Ltd. and Subsidiary Audited GAAP Consolidated Financial Statements December 31, 2017 and 2016 Table of Contents FINANCIAL STATEMENTS Page Independent Auditor
More informationF.S ACCOUNTING, INVESTMENTS, AND DEPOSITS BY INSURERS Ch.625
F.S. 987 ACCOUNTING, INVESTMENTS, AND DEPOSITS BY INSURERS Ch.625 2. The controlling or controlled person has not provided to the insurer and the insurer has not maintained in its possession an unexpired,
More informationStatutory Basis Financial Statements and Report of Independent Certified Public Accountants. Massachusetts Catholic Self-Insurance Group, Inc.
Statutory Basis Financial Statements and Report of Independent Certified Public Accountants Massachusetts Catholic Self-Insurance Group, Inc. Contents Page Report of Independent Certified Public Accountants
More informationCAPTIVE INSURANCE: Primer and Federal Tax Overview. November 2009
CAPTIVE INSURANCE: Primer and Federal Tax Overview November 2009 Overview 1. Types of Captives 2. Captive Insurance Domiciles: Foreign versus Domestic Jurisdiction Considerations 3. Professionals Required
More informationMONTANA INSURANCE GUARANTY ASSOCIATION ACT
MONTANA INSURANCE GUARANTY ASSOCIATION ACT 33-10-101. Short title, purpose, scope, and construction. (1) This part shall be known and may be cited as the "Montana Insurance Guaranty Association Act." (2)
More information