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National College Credit Recommendation Service

Board of Regents  |  University of the State of New York

LOMA | Evaluated Learning Experience

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Statutory Accounting for Life and Health Insurers (AIAF 400)

Formerly Statutory Accounting (AIAF 400) or (AIAF Course FA-1)
Location: 
Independent study and proficiency examination program administered from the central offices of LOMA.
Length: 

Varies-independent study.

Dates: 
Version 1: June 1995 - June 2002. Version 2: July 2002 - December 2014.
Instructional delivery format: 
Online/distance learning
Learner Outcomes: 

Version 1 and 2: Upon successful completion of the course, students will be able to: describe statutory accounting requirements for insurance companies; differentiate between statutory accounting, GAAP, and tax basis accounting; understand the insurance accountant's role in planning, budgeting, and management reporting; and explain cost allocation, treasury management, and asset/liability matching operations within insurance companies.

Instruction: 

Version 1: This course provides a comprehensive survey of statutory accounting principles as applied in life and health insurance companies; a comparison of those principles with generally accepted accounting principles; a review of the planning, budgeting, internal and external management reporting, multiple company ownership, and asset/liability matching aspects of an insurer's operations; and the differences and similarities between U.S. and Canadian life and health insurance accounting principles. Major topics include: assets, reserve liabilities, capital and surplus, revenues, expenses, federal income taxation, accounting for lines of business , cost accounting, budgeting and planning, reports and consolidations, internal control, reinsurance, separate accounts. Version 2: This course provides a comprehensive survey of statutory accounting principles as applied in life and health insurance companies; a comparison of those principles with generally accepted accounting principles; a review of the planning, budgeting, internal and external management reporting, multiple company ownership, and asset/liability matching aspects of an insurer's operations; and the differences and similarities between United States and Canadian life and health insurance accounting principles. Major topics include: assets, reserve liabilities, capital and surplus, revenues, expenses, federal income taxation, accounting for lines of business, cost accounting, budgeting and planning, reports and consolidations, internal control, reinsurance, separate accounts.

Credit recommendation: 

Version 1 and 2: In the upper division baccalaureate degree category, 3 semester hours as an elective in Insurance, Accounting, Business Administration (12/95) (6/02 revalidation) (1/08 revalidation).

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