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Classification of Insurance Products According to GAAP for Mutuals

the present value of the estimated gross margin (§17). (The estimated gross margin is explained below) ... and (b) the amount can be reasonably estimated (§17). A.3.3 DAC Deferrable acquisition costs are ...
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Description: This paper addresses the classification of products according to their accounting standards: SFAS 60 for traditional products, SFAS 97 for interest sensitive products, and SOP 95-1 for participating products. In particular, the question of which products should be classified under the Statement of Position will be addressed. In addition, it will be shown that if a product's dividend formula passes on to the policyholder significantly less than a full asset share an over-reserving problem will occur if the Statement of Position is used as the accounting system.
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- Authors: Joseph Sirote
- Date: Jan 1995
- Competency: External Forces & Industry Knowledge>External forces and business performance; External Forces & Industry Knowledge>General business skills
- Publication Name: Actuarial Research Clearing House
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Financial Reporting & Accounting>Statutory accounting

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