Life and Health Insurance Entities - Audit and Accounting Guide
Practical accounting and auditing guidance for staying compliant with the specialized accounting and regulatory requirements in the life and health insurance industry.
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WLHXX12
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Practical accounting and auditing guidance for life and health insurance entities
This guide provides valuable background information on the life and health 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 Life Insurance Audit Guide Task Force, this guide includes:
- Enhanced audit guidance related to long-duration insurance contracts and liabilities for future policy benefits, market risk benefits, additional liabilities, benefit and claim payments, commissions, deferred acquisition costs, and reinsurance.
- Audit guidance regarding assessing the risk of material misstatement, obtaining an understanding of a life or health insurance entity’s system of internal control, auditing accounting estimates, and example controls and auditing procedures.
- Other auditing information for areas such as investments, inforce files, reinsurance, insurance revenues, liabilities for future policy benefits, income taxes, and deferred acquisition costs.
- Statutory and GAAP accounting content, including implementation guidance for FASB ASU No. 2018-12, Financial Services — Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.
- Appendixes on industry-specific disclosures, the new quality management standards, sample engagement letter language related to portal and hosting services, and other resources
Updates
This edition of the guide has been updated to include changes in authoritative guidance and regulatory requirements issued through December 1, 2025, such as:
- 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. 2018-12 and FASB ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
- FASB ASU No. 2023-05, Business Combinations — Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
- FASB ASU No. 2023-08, Intangibles — Goodwill and Other — Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
Key Topics
- Background on the life and health insurance industry and related transaction cycles
- Interpretive guidance associated with industry-specific financial reporting and regulatory compliance
- Regulatory updates from industry regulator NAIC
- Industry-specific auditing information for key topics
- Life and health insurance entity-specific disclosures
- Example controls and auditing procedures
Who Will Benefit
- Business and industry financial managers
- Large and small accounting firms
- Users of life and health insurance entity financial statements
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