FASB No. 113

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FASB No. 113

A rule of the Financial Accounting Standards Board requiring insurance companies to report their total positions on reinsurance, not just the net positions that affect their regular insurance policies.
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Lapointe, Hawaii has also taken a favorable premium tax position regarding the FASB 113.
Included in the $30 million of adverse development is $13 million relating to losses for which Nobel is economically indemnified, but required to delay recognition of the indemnification under FASB 113.
The three-day conference covered a wide range of issues pertinent to the insurance industry, including global insurance regulatory trends, the effect of accounting rule changes such as FASB 113 on finite risk products and the excess liability and directors' and officers' liability markets.