Changing the rules for discounting

Article Abstract:

The calculation of the present value of reserves and reinsurance recoverables stands to change with a proposed concept from the Financial Accounting Standards Board (FASB) on discounting liabilities and assets. The discounting concept demonstrates how to estimate future cash flows and adjust these with a risk-free interest rate. Some view it as a better approach as it does not use probabilities and allows the handling of uncertainties through the use of different risk-adjusted discount rates for the degree of uncertainties in future cash flows.

Accounting Services Regulation, Asset Accounting, Liabilities (Accounting), Accounting services, Financial Accounting Standards Board, Assets (Accounting), Accounting law

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The state(s) of the alternative markets

Article Abstract:

Several states in the US have passed laws and engaged in various recruitment efforts in 1997 to attract captive insurance companies established to function as risk-bearing entities for corporations. Vermont is the top choice of captive insurance agencies because of its stable structure. The state requires captives to put millions of dollars in state banks and allows them to insure unaffiliated businesses. Other popular states include Hawaii, New York and Maine.

Captive Insurance Agents, Management, Captive insurance companies

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Paper chase

Article Abstract:

Insurance regulators worldwide will soon have an easier time identifying, tracking and prosecuting international insurance con artists. A new federal law makes it a criminal offense to provide insurance regulators with false financial reports and there is an increasing trend among regulators worldwide to communicate more freely than before. International insurance fraud is a multibillion dollar problem.

Insurance Agents & Brokers, Insurance Regulation, Insurance, International aspects, Insurance law, Insurance fraud

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