Property and Liability Insurance Entities - Audit and Accounting Guide

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Practical accounting and auditing guidance for property and liability insurance entities

This guide provides valuable background information on the property and liability insurance industry, products and regulatory issues, and the related transaction cycles with which an insurance entity is involved. Whether you’re a CPA performing audit engagements or management at an insurance entity, it is critical to understand the specialized accounting and regulatory requirements in the industry.

Key features and benefits

Developed by the former Insurance Companies Committee and the Property and Liability Insurance Guide Task Force , this guide includes:

• Helpful auditing information for areas such as investments, premiums, reinsurance, loss reserves and claims, income taxes, and captive insurance entities
• Useful statutory and GAAP accounting content, including implementation guidance for FASB ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL) to premiums receivables and reinsurance recoverables
• Appendixes on the industry-specific disclosures, the new quality management standards, and other resources

Updates

This edition of the guide has been updated to include changes in authoritative guidance and regulatory requirements issued through October 1, 2024, such as:

• SAS No. 142, Audit Evidence
• SAS No. 143, Auditing Accounting Estimates and Related Disclosures
• SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
• Statutory accounting adoptions in the Accounting Practices and Procedures Manual and other NAIC actions taken since the last edition
• Amendments related to FASB ASU No. 2016-13, including updated excerpts from the AICPA Audit and Accounting Guide Credit Losses

Who Will Benefit

• CFOs, financial managers, and staff at property and liability insurance entities
• Practitioners with property and liability insurance clients
• Users of property and liability insurance entity financial statements