Rechnungslegungsvorschriften für Lebensversicherungsunternehmen in den Vereinigten Staaten von Amerika

In the United States insurance supervision is a function of the individual states and the responsibility for it is lodged in the relevant Insurance Department under the direction of the Insurance Commissioner. The Insurance Commissioners are members of a national organisation, the National Association of Insurance Commissioners (N. A. I. C.) which aims at the maximum possible degree of standardization of insurance supervision. This applies in particular to the Annual Statement, which according to regulations is to be made up uniformly by all companies, and to the valuation of securities. The Insurance Departments are the competent authorities for issuing licenses. A company has to apply for a license in each state in which it wishes to do business. The license is issued for one year only and is renewed annually on July 1. The computation of premiums are not subject to insurance supervision, but the companies have to set up minimum reserves prescribed by the Insurance Departments. The Annual Statement shows the net business, only the business in force is indicated in gross figures. The period under review is the calendar year. The Annual Statement is made up on an accrued basis, i. e. on the basis of premiums earned and liabilities incurred. Assets and liabilities are shown in line with general practice. The Profit and Loss Account is included in a Summary of Operations, limited, however, to the underwriting business. Gains or losses not resulting from the underwriting business, e. g. capital losses, losses on exchange and reserves for exchange fluctuations are dealt with in a special Surplus Account, taking into account the underwriting result. The Surplus may be regarded as „free“ profit; it is the difference between the total of assets and liabilities after deducting the stock capital.