Proposed statement of position : guidance for assessing risk transfer in property and liability reinsurance contracts;Guidance for assessing risk transfer in property and liability reinsurance contracts; Exposure draft (American Institute of Certified Public Accountants), 1991, Sept. 10

Financial Accounting Standards Board (FASB) Statement of Financial Accounting Standards No. 60, Accounting and Reporting by Insurance Enterprises, provides guidance to insurance enterprises on how to determine whether reinsurance contracts provide for indemnification against loss or liability and on how to account for such contracts. In applying this guidance, each insurance enterprise has to interpret the expression indemnification . . . against loss or liability, which could be interpreted differently for similar contracts. This proposed statement of position (SOP) provides guidance for assessing risk transfer in property and liability reinsurance contracts. It discusses the various kinds of risks involved, such as insurance risk (which has two components—uncertainties about the ultimate amount of any claim payments [underwriting risk] and uncertainties about the timing of those payments [timing risk]), investment-yield risk, credit risk, and expense risk. The proposed SOP concludes that a contract should be accounted for as providing reinsurance if the ceding company\u27s insurance risk (both underwriting and timing) has been transferred to the assuming company. A ceding company\u27s insurance risk has been transferred when all the following conditions have been satisfied: 1. The terms of the contract, for a fixed or reasonably determinable cost, provide for the reinsurer to assume a specified level or percentage of the ceding company\u27s claims incurred or exposure to claim occurrences. 2. The terms of the contract, including any adjustable features, do not allow the ultimate underwriting margin or deficit under the contract to be determinable in advance. Therefore, after application of any adjustable features contained in the contract, there should still be a reasonable degree of potential variability in the ultimate underwriting results under the contract in relation to the total consideration paid. (For purposes of applying this condition to contracts that provide for adjustments based on actual or imputed investment earnings, such adjustments should be considered, as appropriate, in determining whether the underwriting margin or deficit under the contract is determinable in advance.) 3. The terms of the contract provide for the timely reimbursement of covered losses by the reinsurer. Provisions that delay reimbursement to the ceding company, such as predetermined payment schedules, do not provide for the timely reimbursement of covered losses. Reinsurance contracts that do not transfer both components of insurance risk must be accounted for as deposits under the provisions of paragraph 40 of FASB Statement No. 60. The proposed SOP provides guidance on accounting for reinsurance contracts and the disclosures that should be made.https://egrove.olemiss.edu/aicpa_sop/1559/thumbnail.jp

Auditing property and liability reinsurance; Statement of position 1982 October;

https://egrove.olemiss.edu/aicpa_sop/1160/thumbnail.jp

Accounting for loss portfolio transfers that are financing arrangements.

https://egrove.olemiss.edu/aicpa_guides/1364/thumbnail.jp

Auditing life reinsurance; Statement of position 1984 November;

https://egrove.olemiss.edu/aicpa_sop/1161/thumbnail.jp

Proposed auditing statement of position : auditing property and liability reinsurance ;Auditing property and liability reinsurance; Exposure draft (American Institute of Certified Public Accountants), 1982, Mar. 15

This exposure draft provides guidance on certain significant aspects of internal accounting controls and auditing procedrues for property and liability reinsurance, including accident and health reinsurance. For ceded reinsurance, this draft provides guidance on internal accounting controls and related auditing procedures regarding the evaluation of the assuming company\u27s financial responsibility and stability. For assumed reinsurance, the draft provides guidance on internal accounting controls and related auditing procedures regarding the assessment of the accuracy and reliability of data received from the ceding company. The draft also provides guidance on the auditor\u27s tests of selected reinsurance contracts, transactions, and related balances and guidance on internal accounting controls and related auditing considerations for reinsurance transacted through an intermediary or broker.https://egrove.olemiss.edu/aicpa_sop/1444/thumbnail.jp

Proposed statement of position : auditing life reinsurance;Auditing life reinsurance; Exposure draft (American Institute of Certified Public Accountants), 1984, April 30

This exposure draft provides guidance on certain significant aspects of internal accounting controls and auditing procedures for life reinsurance. For ceded reinsurance, this exposure draft provides guidance on internal accounting controls and related auditing procedures regarding the evaluation of the assuming company\u27s financial responsibility and stability. For assumed reinsurance, the draft provides guidance on internal accounting controls and related auditing procedures regarding the assessment of the accuracy and reliability of data received from the ceding company. The draft also provides guidance on the auditor\u27s test of selected reinsurance contracts, transactions, and related balances.https://egrove.olemiss.edu/aicpa_sop/1469/thumbnail.jp

Proposed statement of position : accounting for foreign property and liability reinsurance;Accounting for foreign property and liability reinsurance; Exposure draft (American Institute of Certified Public Accountants), 1991, Aug. 22

This proposed statement of position (SOP) provides guidance on how U.S. companies should account for property and liability reinsurance assumed from foreign insurance companies (foreign reinsurance). The periodic method should be used to account for foreign reinsurance premiums except when, because of local revenue recognition policies, the foreign ceding company cannot provide the information required by the assuming company to estimate both the ultimate premiums and the appropriate periods of recognition in accordance with U.S. generally accepted accounting principles. In such circumstances, the open year method should be used. The periodic and open year methods are not interchangeable in the same circumstances. The zero balance method should not be used. The provisions of this proposed Statement would be effective for contracts entered into in fiscal years beginning on or after December 15, 199X.https://egrove.olemiss.edu/aicpa_sop/1556/thumbnail.jp

Accounting for foreign property and liability reinsurance : June 1, 1992 supplement to AICPA Audit and accounting guide : Audits of property and liability insurance companies; Statement of position 92-5;

https://egrove.olemiss.edu/aicpa_sop/1029/thumbnail.jp

Purchase Agreement between AIG, American International Reinsurance Company, Limited, and FRB-NY

Purchase Agreement Dated as of June 25, 2009 between American International Group, Inc., American International Reinsurance Company, Limited and the Federal Reserve Bank of New Yor