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You are here: Home / Archives for Reinsurance Transactions / Accounting for Reinsurance

Accounting for Reinsurance

Colorado revamps reinsurance regulations in response to finite reinsurance concerns and adopts regs for nonadmitted insurers

November 9, 2006 by Carlton Fields

The Colorado Division of Insurance has adopted a comprehensive revision of its regulations with respect to finite reinsurance transactions. The revisions include the repeal of existing regulations regarding Ceding Reinsurance Agreements, new regulations for Credit for Reinsurance, new regulations for Life and Health Reinsurance Agreements, and new regulations for Property and Casualty Reinsurance Agreements. Separately, the Division also adopted regulations establishing standards regarding the placement of insurance by producers and the qualification of insurers pursuant to the Colorado Nonadmitted Insurance Act.

Filed Under: Accounting for Reinsurance, Reinsurance Regulation, Week's Best Posts

SEC files civil action against RenRe executives relating to finite reinsurance transactions

November 6, 2006 by Carlton Fields

The SEC has filed a civil action against three former executives of Renaissance Reinsurance Ltd., alleging that they were involved in fraudulent finite reinsurance transactions to improve the company's financial statements and earnings. The case was filed in the Southern District of New York. SEC v. Stanard, Merritt and Cash, Case No. 06-7736 (Sept. 27, 2006).

Filed Under: Accounting for Reinsurance, Contract Formation, Week's Best Posts

District Court denies motion to dismiss claims against auditors

September 18, 2006 by Carlton Fields

A Court has denied a motion to dismiss claims alleging that KPMG Bermuda had failed to perform adequate audits of Annuity & Life Re (Holdings), Ltd. since the company had failed properly to account for certain retrocessional insurance. Schnall v. Annuity & Life Re, Case No. 02-2133 (D. CT. Aug. 30, 2006). The Court had previously dismissed similar claims asserted against KPMG US, since the audits were performed by KPMG Bermuda.

Filed Under: Accounting for Reinsurance, Week's Best Posts

FASB receives comments on financial reporting bifurcation proposal

August 28, 2006 by Carlton Fields

The Financial Accounting Standards Board (FASB) has now received and posted, for public viewing, 53 comments to its proposed Bifurcation of Insurance and Reinsurance Contracts for Financial Reporting. Among the organizations submitting comments are the National Association of Insurance Commissioners, the Reinsurance Association of America and the American Academy of Actuaries.

Filed Under: Accounting for Reinsurance, Week's Best Posts

Court dismisses class action Complaint against KPMG US over reinsurer audits

August 21, 2006 by Carlton Fields

A District Court has dismissed the First Amended Class Action Complaint against KPMG US relating to audit reports relating to the annual financial statements of Bermuda-based Annuity & Life Re (Holdings), Ltd. The Complaint alleged that Annuity & Life Re understated its liabilities and overstated its profits and failed to comply with Generally Accepted Accounting Principles, and that KPMG failed to follow Generally Accepted Auditing Standards in its audits of the company. The Court found that the audits were performed by KPMG Bermuda, rather than KPMG US, and that KPMG US did not control the audit process or make any independent misrepresentations. Schnall v. Annuity & Life Re (Holdings) Ltd., Case No. 02-2133 (D. CT. Aug. 10, 2006).

Filed Under: Accounting for Reinsurance

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