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An insurance enterprise shall recognize a liability for the unearned premium revenue at the inception of a financial guarantee insurance contract.
832-4(a)(7), Example 2(ii), the treatment will require taxpayers to include advance premiums in the unearned premium reserve in excess of amounts actually collected by the taxpayer (i.
These factors are somewhat offset by the high unearned premium leverage from vehicle service contracts, which extend several years.
A claim liability will be established on a financial guaranty contract when the probability weighted net present value of an expected claim loss is estimated to exceed the related unearned premium revenue.
The Company's increase in book value and net after-tax unearned premium reserve during the quarter were the primary drivers of the growth in adjusted book value.
Another favorable financial statement benefit relates to any ceding commissions received in respect of year-end unearned premium balances.
This was particularly evident in 2008 as First Colonial produced substantial operating losses, driven by an increase in unearned premium reserves and a sharp decline in premium volume primarily due to the economic decline in automobile sales nationwide.
SCP's ratings were placed under review with negative implications on November 25, 2008 following the net operating losses reported earlier in 2008, the significant reduction in capital caused by these losses and the statutory earnings drag associated with the company's unearned premium reserves.
As the majority of SCP's policies are written on a two-year basis, the resulting unearned premium drag, along with increases in the number of new claims, resulted in a rapid reduction in surplus.
7 million in unearned premium reserves transferred to Harleysville Group from Harleysville Mutual Insurance Company at the January 1, 2008, effective date of the change.
HIG acquired rights to the Hawaiian policy obligations and the related unearned premium reserves, as well as rights to the name and trademarks from the Hawaii DOI.