Under TIAA's accounting policy, as a New York insurer, the company maintains a higher level of reserves than would otherwise be required under NAIC statutory accounting
. Fitch recalculates total adjusted capital (TAC) to be consistent with an NAIC basis.
Differences between statutory accounting
rules and the Generally Accepted Accounting Principles (GAAP) rules that public companies use may make a hedging arrangement that looks good under one set of rules look bad under the other set of rules.
The question that drew the most feedback was whether captives should receive credit if they have assets backing XXX/AXXX reserves only when they are admissible under NAIC statutory accounting
"Our essential offering was to give companies the ability to access statutory accounting
insurers, the Statutory Accounting
Principles Working Group, is rushing to get new risk corridors program reporting requirements in place as quickly as possible.
Specifically, MNEs should begin to evaluate their adequacy of internal controls and processes regarding statutory accounting
. Generally, statutory accounting
processes may be decentralized, with the responsibility being primarily with local management.
Luffler will be in charge of setting up effective practices and processes between the corporate financial controller's department and the businesses and will ensure compliance by the company's business operations worldwide with GAAP, internal controls and local and statutory accounting
requirements, besides overseeing Capital Projects and Shared Services Americas.
As the vice president of international finance, Hanson is responsible for leading Barry-Wehmiller's international trade financing team; oversight of international treasury management, management of all foreign exchange transactions; and oversight of European statutory accounting
"We always have tax updates from the bigger CPA (certified public accountant) firms and we usually offer the statutory reporting and statutory accounting
updates twice to assure everyone at the conference can attend."
Established in Luxembourg in 2005, HPTS offers a broad range of services related to the acquisition and management of international assets, including: international tax structuring; inheritance planning; setting up and management of special purpose vehicles, trusts and foundations; statutory accounting
; valuations; due diligence; and corporate secretarial services.
accounting statements prepared under local statutory accounting