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1. www.frc.org.uk › uk-accounting-standards › frs-103FRS 103 Insurance Contracts - FRC (Financial Reporting Council)

   www.frc.org.uk › uk-accounting-standards › frs-103

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   Name. FRS 103 Insurance Contracts (September 2024) Publication date. 10 September 2024. Type. Standard. Notes. The September 2024 edition of FRS 103 incorporates all amendments issued up to September 2024. Some requirements, including those introduced by the Periodic Review 2024 amendments, are not mandatory at the time of publication.

2. assets.ey.com › content › damAccounting for certain life insurance and annuity products

   assets.ey.com › content › dam

   Jul 19, 2023 · The accounting and financial reporting guidance for certain long-duration insurance and annuity contracts is codified in Accounting Standards Codification (ASC) 944, Financial Services — Insurance. Our publication will help you understand the accounting and financial reporting requirements for certain long-duration insurance and annuity ...

3. www.theactuary.com › features › 2019/12/2019VFA: How do your contracts measure up? | The Actuary

   www.theactuary.com › features › 2019/12/2019

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   Dec 5, 2019 · IFRS 17 provides a specific measurement model for insurance contracts with direct participation features, known as the variable fee approach (VFA). This refers to the fact that such contracts are characterised by a variable fee that the entity charges in exchange for investment-related services. The variable fee is treated differently under the ...

4. www.insuranceerm.com › content › partnered-contentUnpacking LRC and LIC Calculations for P&C Insurers

   www.insuranceerm.com › content › partnered-content

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   Jan 11, 2021 · These range from data manipulation, preprocessing (for example, the grouping of insurance contracts), and IFRS 17-specific calculations around LIC and LRC, to the disclosures. In particular, for P&C insurers, a few of the main challenges include: Assessing eligibility to use the Premium Allocation Approach (PAA) for contracts with coverage ...

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5. www.gov.uk › hmrc-internal-manuals › life-assuranceLAM01100 - Introduction and long-term insurance ... - GOV.UK

   www.gov.uk › hmrc-internal-manuals › life-assurance

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   LAM01100 - Introduction and long-term insurance business overview: life company accounting: basic overview Life companies produce financial information both for regulatory solvency purposes as ...

6. viewpoint.pwc.com › dt › us1.3 Insurance risk assessment - Viewpoint

   viewpoint.pwc.com › dt › us

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   1.3.2 Long-duration insurance risk assessment. Insurance risk for long-duration life insurance and annuity contracts focuses on the significance of mortality or morbidity risk (ASC 944-20-15). Mortality risk relates to the obligation to make payments that are contingent upon the death or continued survival of a specific individual or group.

7. People also ask

   What happens if a contract fails a significant insurance risk test?

   • Contracts that fail to meet the significant insurance risk test are required to be classified as investment contracts. Classification is done at contract inception and is typically not reevaluated unless the contract is amended.

   1.3 Insurance risk assessment - Viewpoint

   viewpoint.pwc.com/dt/us/en/pwc/accounting_guides/insurance-contracts/Insurance-Contracts/Chapter-1--Overview-and-scope-of-insurance-accounting/13_Insurance_risk_assessment_8.html

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   What is the probability that life-contingent payments will be made?

   • The probability that life-contingent payments will be made is remote. The present value of the expected life-contingent payments relative the present value of all expected payments under the contract is insignificant. Some annuity products are structured as life annuities with a period certain payout.

   Accounting for certain life insurance and annuity products

   assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/assurance/accountinglink/ey-frd00362-181us-07-19-2023.pdf?download

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   What is premium persistency & deferral rate?

   • Premium persistency is 90% each year, and acquisition costs qualifying for deferral are 6% of each premium received. The policy has a surrender charge that phases out after seven years. The estimated investment yield rate is 10% and the interest crediting rate is 8.5%.

   Accounting for certain life insurance and annuity products

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   What is a limited payment life insurance policy?

   • Limited-payment policies might include single-premium whole life insurance policies; five-pay, 10-pay and 20-pay life insurance policies; life-paid-up-at-age-65 policies; and immediate annuities with life contingencies, provided that the policy terms are fixed and guaranteed. Refer to section 2 for further discussion of product classification.

   Accounting for certain life insurance and annuity products

   assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/assurance/accountinglink/ey-frd00362-181us-07-19-2023.pdf?download

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8. assets.kpmg.com › content › damIFRS 17 Insurance Contracts - KPMG

   assets.kpmg.com › content › dam

   Greater comparability and transparency. “IFRS 17 will give users of financial statements a whole new perspective. For the first time, insurers will be on a level footing internationally. It will open up the ‘black box’ of current insurance accounting.”. “The ways in which analysts interpret and compare companies will change.