Financial Services Industry
Industry: Email Alert RSS FeedInsurers react to FASB ruling on funded covers. (Financial Accounting Standards Board)
National Underwriter Property & Casualty-Risk & Benefits Management, August, 1993 by Otis, L.H.
Insurance industry support for a new standard designed to govern the accounting of multi-year, retrospectively-rated contracts may vary, but executives expressed hope that the measure will provide a needed consistency in accounting for such contracts in the future. Recently, the Emerging Issues Task Force of the Norwalk, Conn.-based Financial Accounting Standards Board voted to disallow ceding companies form "smoothing" the impact - and reporting - of large single losses over a number of years, as they have done under the terms of certain multiple-year, retrospectively-rated contracts (see NU, July 26, page one).
The most controversial form of RRC is a funded catastrophe cover, which came to the attention of FASB and the U.S. Securities Exchange Commission...
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