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AICPA Audit and Accounting Guide: Life and Health Insurance Entities 2021

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ABSTRACTPrefaceChapter 1 — Overview of the Life and Health Insurance IndustryChapter 2 — Characteristics of Life and Health Insurance ProductsChapter 3 — Sources of Accounting Principles and Reporting RequirementsChapter 4 — General Audit ConsiderationsChapter 5 — Auditing Inforce FilesChapter 6 — Insurance RevenuesChapter 7 — Liabilities for Future Policy Benefits (Statutory Policy Reserves) and Other Contract LiabilitiesChapter 8 — Benefit and Claim PaymentsChapter 9 — Commissions, General Expenses, and Deferred Acquisition CostsChapter 10 — InvestmentsChapter 11 — ReinsuranceChapter 12 — Taxation of Life Insurance EntitiesChapter 13 — Other Assets and Liabilities, Lending and Financing, Surplus Notes, Separate Accounts, Insurance Related Assessments and Equity Contract Holders’ SurplusChapter 14 — Reports on Audited Financial StatementsSupplement A — AUD Section 25 — (SOP 01-3) Performing Agreed-Upon Procedures Engagements That Address Internal Control Over Derivative Transactions as Required by the New York State Insurance LawSupplement B — AUD Section 30 — (SOP 02-1) Performing Agreed-Upon Procedures Engagements That Address Annual Claims Prompt Payment Reports as Required by the New Jersey Administrative CodeAppendix A — FASB ASU No. 2018-12, Financial Services — Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, Accounting Implementation PapersAppendix B — Sample Engagement Letter Language Related to Portals and Hosting ServicesAppendix C — Overview of Statements on Quality Control StandardsAppendix D — Accounting for Financial InstrumentsAppendix E — Life & Health Insurance Entity Specific DisclosuresAppendix F — List of Industry Trade and Professional Associations, Publications, and Information ResourcesAppendix G — Schedule of Changes Made to the Text From the Previous EditionGlossary