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- Accounting for recapture of reinsurance involves the following1234:
- The reinsurer pays the ceding entity the agreed upon amount.
- The insurer will eliminate the reinsurance recoverable recorded against the ultimate loss reserve and record the cash received as a negative paid losses.
- Any net gain or loss will be reported in underwriting income.
- Proceeds from reinsurance transactions that represent recovery of acquisition costs shall reduce applicable unamortized acquisition costs in such a manner that net acquisition costs are capitalized and charged to expense in proportion to net revenue recognized.
- Statutory accounting requires that a liability be established through a provision reducing surplus for unsecured reinsurance recoverables from unauthorized reinsurers.
- GAAP requires an assessment of the collectibility of recorded reinsurance recoverables.
- Statutory accounting rules require a liability to be recorded for net reinsurance balances due from unauthorized reinsurers that exceed collateral held.
- Property and casualty insurers must establish a special formula-based liability for overdue reinsurance balances due from authorized reinsurers and certified reinsurers.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The reinsurer pays the ceding entity the agreed upon amount. The insurer will eliminate the reinsurance recoverable recorded against the ultimate loss reserve and record the cash received as a negative paid losses. Any net gain or loss will be reported in underwriting income.jlkrosenberger.com/ssap/its-not-you-its-me-aka-co…“Proceeds from reinsurance transactions that represent recovery of acquisition costs shall reduce applicable unamortized acquisition costs in such a manner that net acquisition costs are capitalized and charged to expense in proportion to net revenue recognized.”www.soa.org/globalassets/assets/files/pd/2010-ny-…Statutory accounting requires that a liability be established through a provision reducing surplus for unsecured reinsurance recoverables from unauthorized reinsurersUnder. GAAP, no such liability is required. However, both statutory accounting and GAAP require an assessment of the collectibility of recorded reinsurance recoverables.content.naic.org/sites/default/files/inline-files/074_p…Statutory accounting rules require a liability to be recorded for net reinsurance balances due from unauthorized reinsurers that exceed collateral held. In addition, property and casualty insurers must establish a special formula-based liability for overdue reinsurance balances due from authorized reinsurers and certified reinsurers.viewpoint.pwc.com/dt/us/en/pwc/accounting_guide… - People also ask
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