I've been accused of having a strange sense of humor, but I didn't quite know how unusual it was until recently, when I found myself unexpectedly laughing at an accounting pronouncement about insurance.
Actually, pronouncement isn't quite the right word. What I'm referring to is a document officially titled, "Invitation To Comment" on the "Bifurcation of Insurance and Reinsurance Contracts For Financial Reporting," published by the Financial Accounting Standards Board on May 26.
On page 16 of this week's edition, we have an article about the ITC by consultant Peter Licht, an actuary who works for PricewaterhouseCoopers in New York. I asked Peter to write on the subject after hearing him speak about it–in words that I understood–at a reinsurance conference in June. He did a wonderful job boiling down the basics of the 30-page ITC document.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
