{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/805/944/","source":"FASB Accounting Standards Codification, Basic View","usage":"Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.","number":"805-944","topic":"805","title":"Financial Services—Insurance","area":"Broad Transactions","paragraphs":82,"summary":"ASC 805-944 tells insurance entities how to account for insurance and reinsurance contracts acquired in a business combination and how to account for demutualizations (or formation of a mutual insurance holding entity). Acquired insurance/reinsurance contracts are treated as new contracts, recognized at fair value but split into (a) amounts measured under the acquirer's own insurance accounting policies and (b) an intangible asset (or liability) for the residual, while the acquiree's classification as insurance versus deposit contract is carried forward. A demutualization is not itself a change in ownership requiring a new accounting basis; instead the entity computes a one-time actuarial calculation of maximum future closed-block earnings and records a policyholder dividend obligation whenever cumulative actual closed-block earnings exceed cumulative expected earnings.","concepts":["acquired insurance and reinsurance contracts","demutualization","mutual insurance holding entity","closed block","policyholder dividend obligation","actuarial calculation date","maximum future earnings inuring to stockholders","participating life insurance contracts"],"categories":["Business combinations","Industry-specific","Subsequent measurement","Disclosure"],"level":"advanced","topic_title":"Business Combinations","sections":[{"number":"00","label":"00 Status","anchor":"00-status","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"805-944-00-1","para":"00-1","html":"
The following table identifies the changes made to this Subtopic.
Paragraph Action Accounting Standards Update Date
Acquisition Costs Amended Accounting Standards Update No. 2010-26 10/13/2010
Involuntary Termination Superseded Accounting Standards Update No. 2014-06 03/14/2014
Participating Insurance Added Accounting Standards Update No. 2016-19 12/14/2016
Participating Insurance Contracts Superseded Accounting Standards Update No. 2016-19 12/14/2016
Reinsurance Recoverable Added Accounting Standards Update No. 2016-19 12/14/2016
Termination Amended Accounting Standards Update No. 2014-06 03/14/2014
Voluntary Termination Superseded Accounting Standards Update No. 2014-06 03/14/2014
944-805-05-10 Amended Accounting Standards Update No. 2016-19 12/14/2016
944-805-30-1 Amended Accounting Standards Update No. 2016-19 12/14/2016
944-805-35-3 Amended Accounting Standards Update No. 2018-12 08/15/2018
944-805-45-3 Amended Accounting Standards Update No. 2015-01 01/09/2015
944-805-50-3 Amended Accounting Standards Update No. 2018-12 08/15/2018
944-805-55-3 Amended Accounting Standards Update No. 2018-12 08/15/2018
944-805-55-6 through 55-11
 Amended Accounting Standards Update No. 2018-12 08/15/2018
944-805-55-9 Amended Maintenance Update 2016-11 (PDF) 06/27/2016
944-805-55-12 Superseded Accounting Standards Update No. 2018-12 08/15/2018
944-805-55-13 Superseded Accounting Standards Update No. 2018-12 08/15/2018
","snippet":"The following table identifies the changes made to this Subtopic.\nParagraph | Action | Accounting Standards Update | Date |\n| | | |\nAcquisition Costs | Amended | Accounting Standards Update No. 2010-26 | 10/13/2010 |\nInv…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:76dd12bab745ee6201222c475c86d15ac243008adb294d91ebc3ac398e823e9e","downloaded_from":"2026-09-10T01:26:39.788Z","last_downloaded_at":"2026-09-10T01:26:39.788Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479662","source_sha256":"43e4071012fd72483a6a9fb34d20e1608829a814c284f70d645af66598e6aec1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:44fd7e33469b8ea8b82d1c8b610250237fac7a85b77a41d56ec6d2f4a8c2aeb6","downloaded_from":"2026-09-10T01:26:39.788Z","last_downloaded_at":"2026-09-10T01:26:39.788Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479662","source_sha256":"43e4071012fd72483a6a9fb34d20e1608829a814c284f70d645af66598e6aec1"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2f115e357422fad966b041cc174982b61a393f7f822cd05eb8a1256a1720a9c5","downloaded_from":"2026-09-10T01:26:39.788Z","last_downloaded_at":"2026-09-10T01:26:39.788Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479662","source_sha256":"43e4071012fd72483a6a9fb34d20e1608829a814c284f70d645af66598e6aec1"}},{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"805-944-05-1","para":"05-1","html":"
This Subtopic provides guidance to insurance entities on accounting for and financial reporting of business combinations. The guidance in this Subtopic is presented in the following two Subsections:
  1. a
    General
  2. b
    Demutualizations.
","snippet":"This Subtopic provides guidance to insurance entities on accounting for and financial reporting of business combinations. The guidance in this Subtopic is presented in the following two Subsections:\n(a) General\n(b) Demut…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f77b8e6ab5d67f831a5d0d9b54241afc4127194d1570cf7ffe3ddd841a790899","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-2","para":"05-2","html":"
The General Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of insurance and reinsurance contracts acquired in a business combination.
","snippet":"The General Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of insurance and reinsurance contracts acquired in a business combination.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:fb52a303bfc30db6302310d98ba9ec34560421fad9f5f38fc10796be9a893738","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:dfbd8f6756327f612a5ba2ce9ceadc56edfac379b7032cd95b9c9b1e22e84559","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"block":"Demutualizations","heading":null,"paragraphs":[{"citation":"805-944-05-3","para":"05-3","html":"
The Demutualizations Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of demutualizations.
","snippet":"The Demutualizations Subsections of this Subtopic provide guidance to insurance entities on accounting for and financial reporting of demutualizations.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6bfc6051dc7313c64cf544f99e5dab2108f92fcd2cf30482bf3491365a6dde87","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-4","para":"05-4","html":"
This Subsection is organized as follows:
  1. a
    The demutualization process
  2. b
    Formation of a mutual insurance holding entity
  3. c
    Closed blocks for certain participating life insurance contracts
  4. d
    Alternative mechanisms to closed blocks.
","snippet":"This Subsection is organized as follows:\n(a) The demutualization process\n(b) Formation of a mutual insurance holding entity\n(c) Closed blocks for certain participating life insurance contracts\n(d) Alternative mechanisms …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:19c337f85f94e70e7a5f47262a7e14aeaeb0bf3855ee5e211ab95853b3e30ce3","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c7f2665d50b4104eb53a9bb1bb1b106e03d58e2f6536baded6fe189c5f2fa4d2","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"block":"Demutualizations","heading":"The Demutualization Process","paragraphs":[{"citation":"805-944-05-5","para":"05-5","html":"
Mutual insurance entities differ from stock insurance entities in that they do not have stockholders. A mutual insurance entity is considered to be owned by policyholders whose insurance contracts embody their rights as insureds and as members of the mutual insurance entity.
","snippet":"Mutual insurance entities differ from stock insurance entities in that they do not have stockholders. A mutual insurance entity is considered to be owned by policyholders whose insurance contracts embody their rights as …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0e5f3723efdaf65b551de5c4054b820f0a619a99680fd4c939d97d1321ea4ebb","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-6","para":"05-6","html":"
The process of demutualization or formation of a mutual insurance holding entity is subject to scrutiny and approval by state insurance regulatory authorities. Most states have some form of demutualization statute. A range of demutualization statutes and regulations exist for insurance entities. Typically, those laws contemplate a direct and full reorganization of the mutual insurer to a stock form. In accordance with some demutualization statutes, eligible policyholders receive stock, policy credits, policyholder benefits, cash, or subscription rights as consideration for their membership interest.
","snippet":"The process of demutualization or formation of a mutual insurance holding entity is subject to scrutiny and approval by state insurance regulatory authorities. Most states have some form of demutualization statute. A ran…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e950dd7ed4967a47547e900c157162299d9182314c06b2929a64bde24b0fd62f","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-7","para":"05-7","html":"
The process for allocating the aggregate consideration among eligible policyholders varies based on individual entity circumstances and applicable regulatory statutes. The allocation process generally consists of a fixed and a variable component.
","snippet":"The process for allocating the aggregate consideration among eligible policyholders varies based on individual entity circumstances and applicable regulatory statutes. The allocation process generally consists of a fixed…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b4e5d52141fef3818e3d222702469d09080aa577e488ab49d6816e8825ef7d24","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-8","para":"05-8","html":"
The fixed component represents consideration for eligible policyholders' membership interest in the mutual insurer and consists of a given number of shares per policyholder (or sometimes, per policy).
","snippet":"The fixed component represents consideration for eligible policyholders' membership interest in the mutual insurer and consists of a given number of shares per policyholder (or sometimes, per policy).","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c36353abc0fc598f97bb04c794772156906515a28b63c45b6f5fd96e6a1ce74e","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-9","para":"05-9","html":"
The variable component represents consideration for eligible policyholders' contribution to the value of the insurer. The variable component of the aggregate compensation is allocated to policyholders in proportion to the actuarial contributions of their eligible policies, if positive. A policy's actuarial contribution consists of its historical equity share (the policy's past contribution to entity equity) and, in most cases, the prospective equity share; that is, the present value of the policy's expected future contributions to entity equity.
","snippet":"The variable component represents consideration for eligible policyholders' contribution to the value of the insurer. The variable component of the aggregate compensation is allocated to policyholders in proportion to th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ff8ba80fc898943fe9d203faed8e98303290ee3c832c68670fb1f01bba73533a","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e53e380b5f422d15164e3546c0cc603069ce503b42e8b6c8bed09535d84d6680","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"block":"Demutualizations","heading":"Formation of a Mutual Insurance Holding Entity","paragraphs":[{"citation":"805-944-05-10","para":"05-10","html":"
An alternative to demutualization, in the jurisdictions where it is permitted, is for a mutual insurance entity to form a mutual insurance holding entity. The mutual insurer is converted to a stock insurance entity and becomes a stockholder-owned entity that operates as a subsidiary of the newly formed mutual insurance holding entity. All the initial stock of the reorganized entity is issued to the mutual insurance holding entity. Governance of the mutual insurance holding entity is established by the former mutual insurance entity's board of directors. The converted stock insurer may generate additional capital through an initial or subsequent public offering; however, most statutes specify that the mutual insurance holding entity must own greater than 50 percent of the voting rights of the converted insurer to ensure that the mutual insurance holding entity maintains effective control. The policyholders of the converted insurer become members of the mutual insurance holding entity through the transfer of their mutual membership interests to the mutual insurance holding entity, retaining the same voting rights they had previously. Policyholders with participating insurance contracts retain their participating contract in the converted stock insurer, but unlike in a demutualization, there is no distribution of equity or subscription rights to policyholders.
","snippet":"An alternative to demutualization, in the jurisdictions where it is permitted, is for a mutual insurance entity to form a mutual insurance holding entity. The mutual insurer is converted to a stock insurance entity and b…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e88641bbcc9a48c9fc2179de696b687d057e62f081fc032e44d18e45e96539af","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-11","para":"05-11","html":"
Most of the past demutualizations and at least one of the past mutual insurance holding entity conversions have been accompanied or followed by an initial public offering of the stock of a demutualized insurance entity or an intermediate holding entity of the mutual insurance holding entity.
","snippet":"Most of the past demutualizations and at least one of the past mutual insurance holding entity conversions have been accompanied or followed by an initial public offering of the stock of a demutualized insurance entity o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:aa506335d84b21e2352b0e9a38678542bcffa071f54d91d8ac8d65242454b52c","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6ef2876f4a8a5b9ec9e3072e1a317c9eab2fa68aa0d064b16115e5d15f4c56fd","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"block":"Demutualizations","heading":"Closed Blocks for Certain Participating Life Insurance Contracts","paragraphs":[{"citation":"805-944-05-12","para":"05-12","html":"
In connection with a demutualization or the formation of a mutual insurance holding entity, some state insurance departments require that a closed block or alternative mechanism be established for certain participating life insurance contracts to protect the adjustable policy features and dividend expectations of participating life insurance policyholders from the competing interests of stockholders. Typically, the plan of demutualization describes how the closed block will operate.
","snippet":"In connection with a demutualization or the formation of a mutual insurance holding entity, some state insurance departments require that a closed block or alternative mechanism be established for certain participating l…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:68422b68ee0fe9961b9e48f464c19c9d518831a839229d6c8634a9291a89fc6f","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-13","para":"05-13","html":"
The closed block assets and cash flows provided by those assets (see paragraph 944-805-05-15) will not inure to the stockholders of the demutualized entity; instead, all cash flows from those assets will be used to benefit the closed block policyholders (absent regulatory approval to the contrary or insolvency of the insurer). Because the insurance entity remains obligated to provide for minimum guarantees under the participating policy, it is consequently possible under certain circumstances that funds from outside the closed block will have to be used to meet the contractual benefits of the closed block policyholders. The assets designated to the closed block are subject to the same liabilities, with the same priority in the case of insolvency or in liquidation, as assets outside the closed block. In many situations, commissions and other expenses (including management expenses) of operating and administering the closed block will not be charged to the closed block. Unless the state insurance department consents to an earlier termination, the closed block will continue in effect until the date on which none of the policies in the closed block remains in force.
","snippet":"The closed block assets and cash flows provided by those assets (see paragraph 944-805-05-15) will not inure to the stockholders of the demutualized entity; instead, all cash flows from those assets will be used to benef…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8884f7a5e61456660f910bec50b3cf2f4e4e9b03649fb9ecdab9ec8f8298b37d","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-14","para":"05-14","html":"
The process of formation of the closed block is negotiated between the insurance entity and the applicable state insurance regulators. Estimated future cash flows are considered in determining the nature and amount of assets designated to the closed block. The assets that are designated to the closed block are expected to produce cash flows sufficient to satisfy the obligations of the closed block, as well as the continuation of policyholder dividend scales and policy credits before the demutualization, if the underlying experience continues. Actual policy dividends paid may be increased or decreased based on the effect of future events, such as investment experience, mortality gains or losses, and persistency of the closed block policies.
","snippet":"The process of formation of the closed block is negotiated between the insurance entity and the applicable state insurance regulators. Estimated future cash flows are considered in determining the nature and amount of as…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6576eddb169dd2b601d867d322e6e7d9ba4375e8c4ef7be66410c41fa8ffc179","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-15","para":"05-15","html":"
The specific policyholder contracts designated for inclusion in the closed block are part of the negotiation process with the insurance regulators.
","snippet":"The specific policyholder contracts designated for inclusion in the closed block are part of the negotiation process with the insurance regulators.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5b14a3d2105fb8d576c38ec4aaa841e2b9f863f83a24c2d012a76c3ab04e46e2","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-16","para":"05-16","html":"
If cash flows from the closed block assets and experience of the closed block are, in the aggregate, more or less favorable than assumed in the funding of the closed block, total dividends paid to closed block policyholders could differ from the original dividend assumptions. Net favorable deviations in closed block performance, unless reversed by subsequent unfavorable experience, will be available for distribution over time only to closed block policyholders and will not be available to the insurance entity or its stockholders. Net unfavorable deviations could result in reduced dividends to closed block policyholders, unless reversed by future favorable experience or ultimately funded from assets outside of the closed block.
","snippet":"If cash flows from the closed block assets and experience of the closed block are, in the aggregate, more or less favorable than assumed in the funding of the closed block, total dividends paid to closed block policyhold…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8e65653e08fe4bb04b547225076db25af18424ab2fd61c2937045470d609b3f9","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"citation":"805-944-05-17","para":"05-17","html":"
Regardless of the closed block's performance, the insurance entity is obligated to pay guaranteed benefits under the policies in accordance with their terms. If the cash flows from the assets allocated to the closed block and the policies included in the closed block prove to be insufficient to pay the benefits guaranteed under the policies included in the closed block, the insurance entity will be required to make those payments from assets outside of the closed block.
","snippet":"Regardless of the closed block's performance, the insurance entity is obligated to pay guaranteed benefits under the policies in accordance with their terms. If the cash flows from the assets allocated to the closed bloc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3f7cce2c47c285d1cd1ba5accd5471d2866a2c16d424fcbf6adceda8f746cf08","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a827805af41bb64853d0bc2474aec66c2a3645fc676440594bd17ef10b83a3d3","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"block":"Demutualizations","heading":"Alternative Mechanisms to Closed Blocks","paragraphs":[{"citation":"805-944-05-18","para":"05-18","html":"
Alternatives to the closed block have arisen in practice encompassing, for a number of types of contracts, various mechanisms believed by the insurance entities and state insurance regulators to be appropriate in the specific circumstances. Closed block alternative mechanisms have been used in lieu of closed blocks for certain participating life insurance contracts to commit to the insurance regulator that the insurance entity will continue to follow its established dividend practices. Closed block alternative mechanisms also have been used to protect nonguaranteed elements of participating and nonparticipating insurance contracts such as interest credits on deferred annuities and adjustable premiums on adjustable premium term business. In some instances, the methodology and limitations defined in the agreements with the state insurance regulators have considered only specific profit components, such as mortality experience on a block of term insurance or investment spreads on a block of annuities, and in other instances have considered virtually all components of product profitability. If there is a limitation on the profits that may inure to the stockholders, there is an agreement between the insurance entity and the insurance regulators that defines all of the following:
  1. a
    The contracts covered by the limitation
  2. b
    The profit limitation calculation
  3. c
    The timing and manner (for example, as policy dividends, reduced premiums, or additional benefits) in which amounts that may not be distributed to stockholders are to be distributed to policyholders.
","snippet":"Alternatives to the closed block have arisen in practice encompassing, for a number of types of contracts, various mechanisms believed by the insurance entities and state insurance regulators to be appropriate in the spe…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8ff07d2b3ecd98312bce103cc6558425eef14c526440b920a0828c7809fae6e0","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:998bcb13f561be3d09a42ea7506a9df8f376d349c61cfb569fffc784ffeb4b7a","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7ea40fd3740af08ccb98dcaca3197c3757a97c632fdecd67425d01253700d11e","downloaded_from":"2026-09-10T01:26:43.337Z","last_downloaded_at":"2026-09-10T01:26:43.337Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477497","source_sha256":"2e938db911c997d75eacb394825f52908cdb8a0a2d468c23530dda151be48161"}},{"number":"15","label":"15 Scope and Scope Exceptions","anchor":"15-scope-and-scope-exceptions","is_sec":false,"groups":[{"block":null,"heading":"Overall Guidance","paragraphs":[{"citation":"805-944-15-1","para":"15-1","html":"
This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 944-10-15.
","snippet":"This Subtopic follows the same Scope and Scope Exceptions as outlined in the Overall Subtopic, see Section 944-10-15.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:42b7760981dcc5e052a2386a36048649cc008ef3850d2d3b71c2175340ceedfc","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:06fef17993bee7f6bd68ef8550122a8972aef0b1d65409e712413bbda7933cac","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}},{"block":"Demutualizations","heading":"Overall Guidance","paragraphs":[{"citation":"805-944-15-2","para":"15-2","html":"
The Demutualizations Subsections of this Subtopic follow the same Scope and Scope Exceptions as outlined in the General Subsection of this Section, with specific transaction exceptions and qualifications and other considerations noted below.
","snippet":"The Demutualizations Subsections of this Subtopic follow the same Scope and Scope Exceptions as outlined in the General Subsection of this Section, with specific transaction exceptions and qualifications and other consid…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1f628854c54e81fe6b963cde616d78c888076b774717b34c30f6afd2c559b1b8","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:06191ee8e26ab3def60bb0e18c8a48c2a07d85911fd821f33573c108d8aebb27","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}},{"block":"Demutualizations","heading":"Transactions","paragraphs":[{"citation":"805-944-15-3","para":"15-3","html":"
The guidance in the Demutualizations Subsections of this Subtopic applies to all formal closed blocks and to closed block alternative mechanisms to the extent the concepts are applicable to them, all of which are referred to as closed blocks in the Demutualizations Subsections of this Subtopic.
","snippet":"The guidance in the Demutualizations Subsections of this Subtopic applies to all formal closed blocks and to closed block alternative mechanisms to the extent the concepts are applicable to them, all of which are referre…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cfaf8b17f81b64a14216580ac596bfad3793982a9a0f27c79adf32190c79317f","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:cbf162258fe7e61da8035d908b8bfe87d85f856302d1d84286ca138fea723a3f","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}},{"block":"Demutualizations","heading":"Other Considerations","paragraphs":[{"citation":"805-944-15-4","para":"15-4","html":"
The guidance in the Demutualizations Subsections of this Subtopic does not address what constitutes a change in ownership or reporting entity that would require a change in basis for the reported assets and liabilities.
","snippet":"The guidance in the Demutualizations Subsections of this Subtopic does not address what constitutes a change in ownership or reporting entity that would require a change in basis for the reported assets and liabilities.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:5809c43c183e322e87efe31909fe1b05843e3f516953bbd6aac03245c61ae789","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}},{"citation":"805-944-15-5","para":"15-5","html":"
The accounting guidance in Subtopic 944-20 is the appropriate accounting method for participating life insurance contracts that meet the conditions of paragraph 944-20-15-3 and, therefore, an insurance entity shall continue to apply that guidance to demutualized insurance entities' participating life insurance contracts issued before the date of demutualization or formation of a mutual insurance holding entity. However, the segregation of undistributed accumulated earnings on participating contracts is meaningful in a stock life insurance entity because the objective of such presentation is to identify amounts that are not distributable to stockholders. Therefore, after the date of demutualization or formation of a mutual insurance holding entity, the provisions of paragraphs 944-50-25-2 and 944-50-30-2 relating to dividends on participating life insurance contracts shall apply to those contracts sold before the date of demutualization or formation of a mutual insurance holding entity.
","snippet":"The accounting guidance in Subtopic 944-20 is the appropriate accounting method for participating life insurance contracts that meet the conditions of paragraph 944-20-15-3 and, therefore, an insurance entity shall conti…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a559cee70d7f3ebabe7c2116635328e04b5d8eb7aa95d5870458f08a5f1123f2","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8005287bc196d8ca451b297ecf9c0a93f00e213f57559d0ff9933b81599b870e","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:870b820fa7fc09997b350bd7b9987db30cb9aea7e3ef5431306d0af835fbf820","downloaded_from":"2026-09-10T01:26:46.496Z","last_downloaded_at":"2026-09-10T01:26:46.496Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478157","source_sha256":"15ab2b5106c958a1e69543c55aedb4c7d6b9adae4b5270697692cb5cddf7cdba"}},{"number":"25","label":"25 Recognition","anchor":"25-recognition","is_sec":false,"groups":[{"block":null,"heading":"Insurance and Reinsurance Contracts Acquired","paragraphs":[{"citation":"805-944-25-1","para":"25-1","html":"
The acquirer shall consider insurance and reinsurance contracts acquired in a business combination to be new contracts for measurement and accounting purposes.
","snippet":"The acquirer shall consider insurance and reinsurance contracts acquired in a business combination to be new contracts for measurement and accounting purposes.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1cedc6734ec4f5ebc81e3d741f27e1ce7a3b30159b5e86286765797a36072a95","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-2","para":"25-2","html":"
The acquirer shall carry forward the acquiree's classification of an acquired contract as an insurance or reinsurance contract or a deposit contract based on an understanding of the contractual terms of the acquired contract and any related contracts or agreements at the inception of the contract or, if the terms of those contracts or agreements were later modified in a manner that would change the classification, at the date of that modification (which may be the acquisition date).
","snippet":"The acquirer shall carry forward the acquiree's classification of an acquired contract as an insurance or reinsurance contract or a deposit contract based on an understanding of the contractual terms of the acquired cont…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:4094bb0ae019f8cd7bf6702af22b2f18e3ed55c370bd66f140b6f4d4988eaa0c","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-3","para":"25-3","html":"
The acquirer shall recognize the assets and liabilities arising from the rights and obligations of the insurance and reinsurance contracts acquired in the business combination.
","snippet":"The acquirer shall recognize the assets and liabilities arising from the rights and obligations of the insurance and reinsurance contracts acquired in the business combination.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:de0b3e4a0d1a13e03e6a6531fb595124d74be6f3f8af8a75f5d8bb907f170ad8","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-4","para":"25-4","html":"
Other related contracts that are not insurance or reinsurance contracts shall be recognized at the date of acquisition in accordance with Topic 805. For instance, a contingent commission arrangement is a contingency that the acquirer shall account for in accordance with paragraphs 805-20-25-18A through 25-20B and 805-20-30-9.
","snippet":"Other related contracts that are not insurance or reinsurance contracts shall be recognized at the date of acquisition in accordance with Topic 805. For instance, a contingent commission arrangement is a contingency that…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:75e2bc11809fcab8d92a272247ba1efe947418bf46304dcbc36f219057bbb08c","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-5","para":"25-5","html":"
An example of an indemnification agreement that may be in the form of a reinsurance contract is a guarantee by the seller of the adequacy of acquired claims and claims expense liabilities at the date of acquisition. The acquirer shall recognize any indemnification asset resulting from such an agreement in accordance with paragraphs
805-20-25-27 through 25-28
and
805-20-30-18 through 30-19
.
","snippet":"An example of an indemnification agreement that may be in the form of a reinsurance contract is a guarantee by the seller of the adequacy of acquired claims and claims expense liabilities at the date of acquisition. The …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:59ee3ed2a548007166327634d42eb116a148dc739256689ffa0679355a46640d","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3232a723a1b9b5f4d84c8c9dc5f435cafe426c7d876a3e5a0d90fa69f728379a","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"block":"Demutualizations","heading":"Overall","paragraphs":[{"citation":"805-944-25-6","para":"25-6","html":"
A demutualization or formation of a mutual insurance holding entity in and of itself does not constitute a change in ownership that requires a change in the historical accounting bases or carrying amounts of assets and liabilities.
","snippet":"A demutualization or formation of a mutual insurance holding entity in and of itself does not constitute a change in ownership that requires a change in the historical accounting bases or carrying amounts of assets and l…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:1967ec449e10f0971d941ccd3f7aed6a126d2a1f332e695d151770bc84ecea92","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-7","para":"25-7","html":"
The assets designated to the closed block continue to be accounted for as they were before the date of demutualization.
","snippet":"The assets designated to the closed block continue to be accounted for as they were before the date of demutualization.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b6fbaac328085942232cca146ed3949ffedc2784bb44424cabc4a1ee51db5c6e","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9182802cc0d9916b102ea9da3f03aa7de7063859c2f1f7ca05125da795ccf4a4","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"block":"Demutualizations","heading":"Emergence of Earnings and Policyholder Dividend Obligation","paragraphs":[{"citation":"805-944-25-8","para":"25-8","html":"
The amounts to be included in net income relative to assets and liabilities included in a closed block shall be limited, based on a calculation prepared as of the date of demutualization or formation of a mutual insurance holding entity. As of the actuarial calculation date, the carrying amount of closed block liabilities will typically exceed the carrying amount of closed block assets. Certain of those assets, such as debt securities classified as available-for-sale under Subtopic 320-10, will be carried at fair value with unrealized holding gains and losses included in other comprehensive income until realized. A demutualization or formation of a mutual insurance holding entity does not, in and of itself, constitute a change in ownership that results in the realization of those unrealized gains and losses. Instead, those unrealized gains and losses will be realized over the period the closed block policies remain in force, as are all other transactions relating to the closed block assets and liabilities.
","snippet":"The amounts to be included in net income relative to assets and liabilities included in a closed block shall be limited, based on a calculation prepared as of the date of demutualization or formation of a mutual insuranc…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:91b94e024cd8a097bdb2b378c524e0b038cc32ba41faa707bdb7853eceb43bc2","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-9","para":"25-9","html":"
As a result, the carrying amounts of the closed block assets shall be adjusted to remove those unrealized amounts to determine the maximum future earnings (before items that may not have been considered in the funding of the closed block, such as commissions and maintenance expenses; see paragraph 944-805-05-18) that would be recognized in income over the period the policies in the closed block remain in force.
","snippet":"As a result, the carrying amounts of the closed block assets shall be adjusted to remove those unrealized amounts to determine the maximum future earnings (before items that may not have been considered in the funding of…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b152ddfcb333984d8d5a29142da944d2e99f715d4afeca29071f61a67d6fcf99","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-10","para":"25-10","html":"
The changes in the net closed block liability over time represent the expected closed block contribution to the earnings of the insurer that inure to the benefit of the stockholders.
","snippet":"The changes in the net closed block liability over time represent the expected closed block contribution to the earnings of the insurer that inure to the benefit of the stockholders.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d615f9b30917d394dd529392cbb7ac1b0221afaf4ae7b76f43ebb8e7d0852b7","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:adc6ad5316c4e21b79cd34fa2bc62a2c45587581279a2d3a48c5a35485fc677b","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"block":"Demutualizations","heading":"Dividends Payable to Stockholders","paragraphs":[{"citation":"805-944-25-11","para":"25-11","html":"
A dividend payable to stockholders, whether declared by a stock insurer or its holding entity, is a common corporate capital transaction. Cash dividends shall be recognized as a liability on the declaration date.
","snippet":"A dividend payable to stockholders, whether declared by a stock insurer or its holding entity, is a common corporate capital transaction. Cash dividends shall be recognized as a liability on the declaration date.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8397d726b67947abe1749ce976792614c83af74ec0500031fafa951c37967a1f","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:177b3fd4b6769fac5bd32cd119fabdc70d9f2b1d36d73de253d84a0421ac7d68","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"block":"Demutualizations","heading":"Distributions to Members","paragraphs":[{"citation":"805-944-25-12","para":"25-12","html":"
Because the members of a mutual insurance holding entity are also policyholders of the stock insurance subsidiary, a distribution by a mutual insurance holding entity to its members shall be accounted for according to the substance of the transaction. Unless there are substantive independent third-party stockholders of the demutualized insurance entity or intermediate holding entity of the mutual insurance holding entity, the distribution shall be accounted for as a policyholder dividend in accordance with Subtopic 944-50.
","snippet":"Because the members of a mutual insurance holding entity are also policyholders of the stock insurance subsidiary, a distribution by a mutual insurance holding entity to its members shall be accounted for according to th…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:df1f98ad84bfd6d37fbec5f737927f09c7c16d80236db94dcbb20d257af2e6cb","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-13","para":"25-13","html":"
If there are substantive independent third-party stockholders and all of the following conditions also are satisfied, the distribution is presumed to be appropriately accounted for as an equity dividend:
  1. a
    There is a mechanism to ensure that policyholder dividends are not a component of the mutual insurance holding entity distribution.
  2. b
    All mutual insurance holding entity members are eligible to receive the mutual insurance holding entity distribution and the allocation of the mutual insurance holding entity distribution is consistent with the concept of mutual insurance holding entity membership. Depending on the jurisdiction, the distribution may be based on equity share or equally distributed to each mutual insurance holding entity member.
  3. c
    The distribution is legally characterized as a membership distribution rather than a policyholder distribution.
","snippet":"If there are substantive independent third-party stockholders and all of the following conditions also are satisfied, the distribution is presumed to be appropriately accounted for as an equity dividend:\n(a) There is a m…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c3b22cddd7006a3d5acdb55b0c12ff67f686d436c0f191f844c82ffa99305b5c","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-14","para":"25-14","html":"
If a distribution by the mutual insurance holding entity is determined to be a policyholder dividend expense, the insurance subsidiary shall recognize the policyholder dividend in its separate financial statements as an expense with recognition of a corresponding capital contribution from the mutual insurance holding entity.
","snippet":"If a distribution by the mutual insurance holding entity is determined to be a policyholder dividend expense, the insurance subsidiary shall recognize the policyholder dividend in its separate financial statements as an …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a55b19945d56c94ae44f185299f9584db43edae93057b5e6a5ea886a631a43f4","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"citation":"805-944-25-15","para":"25-15","html":"
The mutual insurance holding entity shall reflect the amount of the distribution as a capital contribution to the insurance subsidiary in its separate financial statements. In consolidated financial statements, the expense shall be reported and the capital contribution shall be eliminated.
","snippet":"The mutual insurance holding entity shall reflect the amount of the distribution as a capital contribution to the insurance subsidiary in its separate financial statements. In consolidated financial statements, the expen…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9fbee38a1713533adfc0f100ba0277f2333e7696f4e45db3785d615d47ea8b28","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a9ccf78042ef4e838bfa6ddaa2243b6bcae504694302c8eddb5108173f06d354","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9766fdde0032a3e2c8cefaa0e6b4cc82b2bbb3ca4930d427bdc0971ba77172a4","downloaded_from":"2026-09-10T01:26:51.439Z","last_downloaded_at":"2026-09-10T01:26:51.439Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477987","source_sha256":"fdd7c4065a57ad5e8f3d736e0c0e0e06ed625f0569f77ad24b973b72ee21f6c8"}},{"number":"30","label":"30 Initial Measurement","anchor":"30-initial-measurement","is_sec":false,"groups":[{"block":null,"heading":"Insurance and Reinsurance Contracts Acquired","paragraphs":[{"citation":"805-944-30-1","para":"30-1","html":"
The acquirer shall measure at fair value the assets and liabilities recognized under paragraph 944-805-25-3. However, the acquirer shall recognize that fair value in components as follows:
  1. a
    Assets and liabilities measured in accordance with the acquirer's accounting policies for insurance and reinsurance contracts that it issues or holds. For example, the contractual assets acquired could include a reinsurance recoverable and the liabilities assumed could include a liability to pay future contract claims and claims expenses on the unexpired portion of the acquired contracts and a liability to pay incurred contract claims and claims expenses. However, those assets acquired and liabilities assumed would not include the acquiree's deferred acquisition costs and unearned premiums that do not represent future cash flows.
  2. b
    An intangible asset (or occasionally another liability), representing the difference between the following:
    1. 1
      The fair value of the contractual insurance and reinsurance assets acquired and liabilities assumed
    2. 2
      The amount described in (a).
","snippet":"The acquirer shall measure at fair value the assets and liabilities recognized under paragraph 944-805-25-3. However, the acquirer shall recognize that fair value in components as follows:\n(a) Assets and liabilities meas…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:daa0c4f0dd96faaa86d6487ce05891e97173b5f3ea29f03da3307b4d88faeed7","downloaded_from":"2026-09-10T01:26:53.577Z","last_downloaded_at":"2026-09-10T01:26:53.577Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477249","source_sha256":"5adc429d7c9ee1043e17afda10da2102ca39fb58a71ff13474fa99477cdc3b75"}},{"citation":"805-944-30-2","para":"30-2","html":"
Other related contracts that are not insurance or reinsurance contracts shall be measured at the date of acquisition in accordance with Topic 805.
","snippet":"Other related contracts that are not insurance or reinsurance contracts shall be measured at the date of acquisition in accordance with Topic 805.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e83496a738e24fdce26896ca81529ab8c83f5a3f09b63fdeb4adaa8903910ef","downloaded_from":"2026-09-10T01:26:53.577Z","last_downloaded_at":"2026-09-10T01:26:53.577Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477249","source_sha256":"5adc429d7c9ee1043e17afda10da2102ca39fb58a71ff13474fa99477cdc3b75"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:731a11a2b98b5528f2204bcff9a59f248faaa44ec4bafc44f5af11f286dc206f","downloaded_from":"2026-09-10T01:26:53.577Z","last_downloaded_at":"2026-09-10T01:26:53.577Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477249","source_sha256":"5adc429d7c9ee1043e17afda10da2102ca39fb58a71ff13474fa99477cdc3b75"}},{"block":"Demutualizations","heading":"Emergence of Earnings and Policyholder Dividend Obligation","paragraphs":[{"citation":"805-944-30-3","para":"30-3","html":"
As of the actuarial calculation date, a calculation shall be developed that represents the cash flows expected to be generated from the assets and liabilities included in the closed block. Based on that actuarial calculation, the periodic expected changes in the net closed block liability (on the basis of generally accepted accounting principles [GAAP]), which is after the elimination of the effect of the applicable items of other comprehensive income shall be derived. The actuarial calculation shall be based on a best estimate (with no provision for adverse deviation) of the future performance of the closed block assets and liabilities as of the actuarial calculation date.
","snippet":"As of the actuarial calculation date, a calculation shall be developed that represents the cash flows expected to be generated from the assets and liabilities included in the closed block. Based on that actuarial calcula…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:afc375f737db5096ac2f56aba952b9c6365088c4ed7a3b4dbfd93d2170bf8405","downloaded_from":"2026-09-10T01:26:53.577Z","last_downloaded_at":"2026-09-10T01:26:53.577Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477249","source_sha256":"5adc429d7c9ee1043e17afda10da2102ca39fb58a71ff13474fa99477cdc3b75"}},{"citation":"805-944-30-4","para":"30-4","html":"
The actuarial calculation described in the preceding paragraph shall continue to be used in subsequent accounting periods to determine the change in the policyholder dividend obligation. The actuarial calculation shall not be revised in future accounting periods.
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After the business combination, the acquirer shall measure the intangible asset (or other liability) on a basis consistent with the related insurance or reinsurance liability.
","snippet":"After the business combination, the acquirer shall measure the intangible asset (or other liability) on a basis consistent with the related insurance or reinsurance liability.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6c1592b0fce4b40a50a89c03aeb64d9f677a0dfbe063c59f04aa49ded51b77a0","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-2","para":"35-2","html":"
For example, for most short-duration contracts such as many property and liability insurance contracts, claim liabilities are not discounted under generally accepted accounting principles (GAAP), so amortizing the intangible asset like a discount using an interest method could be an appropriate method.
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For certain long-duration contracts such as traditional life insurance contracts, using a basis consistent with the measurement of the liability would be similar to the guidance provided in paragraph 944-30-35-3, which requires that deferred acquisition costs be amortized using methods that include assumptions consistent with those used in estimating the liability for future policy benefitsincluding subsequent revisions to those assumptions. Also, paragraph 944-30-35-63 specifies that the present value of future profits is subject to premium deficiency testing in accordance with the provisions of Subtopic 944-60.
","snippet":"For certain long-duration contracts such as traditional life insurance contracts, using a basis consistent with the measurement of the liability would be similar to the guidance provided in paragraph 944-30-35-3, which r…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:889ec66a42198c325a0a57937183020dcf0bda102b079a4b06ada04dcc461ab2","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:850ec2484e02a455e3a418c795fcc0f8a2fd51f5bbb0473a2c857c34fd6ad216","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"block":"Demutualizations","heading":"Policyholder Liabilities","paragraphs":[{"citation":"805-944-35-4","para":"35-4","html":"
The policyholder liabilities for closed block participating life insurance contracts shall continue to be calculated under the provisions of Subtopic 944-20 as well as the Demutualizations Subsections of this Subtopic.
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Paragraph 944-805-25-10 states that the changes in the net closed block liability over time represent the expected closed block contribution to the earnings of the insurer that inure to the benefit of the stockholders. Cumulative actual closed block earnings in excess of the cumulative expected periodic amounts reflected in the actuarial calculation (see paragraph 944-805-30-3) do not inure to the stockholders and shall be recorded as an additional liability to closed block policyholders (referred to as a policyholder dividend obligation). Those amounts will result in additional future dividends to closed block policyholders unless otherwise offset by less-favorable-than-expected future performance of the closed block.
","snippet":"Paragraph 944-805-25-10 states that the changes in the net closed block liability over time represent the expected closed block contribution to the earnings of the insurer that inure to the benefit of the stockholders. C…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e6b9ba4548cb2e6f759bb11cb9517e4e7119c68cd501c0bb0ff45beaf79c032","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-6","para":"35-6","html":"
Paragraph 944-805-30-4 states that the actuarial calculation required in paragraph 944-805-30-3 shall continue to be used in subsequent accounting periods to determine the change in the policyholder dividend obligation. That paragraph states that the actuarial calculation shall not be revised in future accounting periods.
","snippet":"Paragraph 944-805-30-4 states that the actuarial calculation required in paragraph 944-805-30-3 shall continue to be used in subsequent accounting periods to determine the change in the policyholder dividend obligation. …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:53f3157be29dfb432dfc8a524bd3f335add478c0bfa5303a3e3b1ca92b4f68cd","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-7","para":"35-7","html":"
The amount of the policyholder dividend obligation shall be determined by comparing cumulative actual earnings of the closed block from the actuarial calculation date to the date of measurement with the amount of cumulative expected earnings based on the actuarial calculation for the same period.
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Cumulative actual earnings in excess of cumulative expected earnings based on the actuarial calculation shall be recorded as a policyholder dividend obligation.
","snippet":"Cumulative actual earnings in excess of cumulative expected earnings based on the actuarial calculation shall be recorded as a policyholder dividend obligation.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f337420da560a8b9389cb5fefbf28fae02aa00f31ce67d669d1bbbfc19b23858","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-9","para":"35-9","html":"
Unrealized investment gains and losses and other amounts related to the closed block normally reported in accumulated other comprehensive income that have arisen after the actuarial calculation date shall be included in the determination of the amount of the policyholder dividend obligation limited, in the case of losses, to the extent that the policyholder dividend obligation is otherwise positive.
","snippet":"Unrealized investment gains and losses and other amounts related to the closed block normally reported in accumulated other comprehensive income that have arisen after the actuarial calculation date shall be included in …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3f7181275c2746d0ed9ebb45a2e18219d3bbe41e2e21bb18a178a4b9dc9d1dc8","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-10","para":"35-10","html":"
Unrealized investment gains and losses and other items related to the closed block normally reported in accumulated other comprehensive income that have arisen at or after the actuarial calculation date shall continue to be reported in accumulated other comprehensive income.
","snippet":"Unrealized investment gains and losses and other items related to the closed block normally reported in accumulated other comprehensive income that have arisen at or after the actuarial calculation date shall continue to…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c03acb374bf0343e9deb0109cd7618f64582beeaf08820a7c44220d75e6dd2b8","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-11","para":"35-11","html":"
Amounts related to the closed block that have arisen after the actuarial calculation date shall enter into the determination of the policyholder dividend obligation with an offsetting amount reported in accumulated other comprehensive income. The amount charged to policyholder dividend obligation for losses shall be limited to the extent that the policyholder dividend obligation is otherwise positive. Those amounts shall be reported in the income statement and the amounts previously reported in other comprehensive income shall be reversed when investment gains and losses and other items of other comprehensive income are realized.
","snippet":"Amounts related to the closed block that have arisen after the actuarial calculation date shall enter into the determination of the policyholder dividend obligation with an offsetting amount reported in accumulated other…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:26e4a8197793631bc362a71d2a3f4e90d0eaad89471db815a1291d46132a40ab","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-12","para":"35-12","html":"
Unrealized investment losses and other loss items related to the closed block that would result in a negative policyholder dividend obligation shall be recognized in other comprehensive income applicable to stockholders—the policyholder dividend obligation account may not have a negative balance.
","snippet":"Unrealized investment losses and other loss items related to the closed block that would result in a negative policyholder dividend obligation shall be recognized in other comprehensive income applicable to stockholders—…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:61fb908ed023602619512e55ac13fb63a1a3564e0af9877cb0d81daee5d2905e","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-13","para":"35-13","html":"
The policyholder dividend obligation will decrease if experience is less favorable than expected and the dividend scale is not commensurately reduced.
","snippet":"The policyholder dividend obligation will decrease if experience is less favorable than expected and the dividend scale is not commensurately reduced.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c095507750f90fe1739f396921e453e90c8e375c9429d7092490e6a21a241bc1","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"citation":"805-944-35-14","para":"35-14","html":"
If dividends paid are higher than originally expected in the dividend scale, the policyholder dividend obligation will decrease.
","snippet":"If dividends paid are higher than originally expected in the dividend scale, the policyholder dividend obligation will decrease.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f64d62610e0febe1e79f600c84264530df4b117f6fe722ffd5d2bea223fc7058","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9d4669803814314f2ef4401d93cfd5443ea463cf36918e9dc9917817d82458a3","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"block":"Demutualizations","heading":"Other Considerations","paragraphs":[{"citation":"805-944-35-15","para":"35-15","html":"
The accounting guidance in Subtopic 944-20 shall be applied to demutualized insurance entity participating life insurance contracts within its scope that are issued after the date of demutualization or formation of a mutual insurance holding entity. The segregation of undistributed accumulated earnings on participating life insurance contracts in excess of amounts that inure to stockholders is meaningful in a stock life insurance entity because the objective of such presentation is to identify amounts that are not distributable to stockholders. Therefore, the guidance in paragraphs
944-50-25-1 through 25-2
and
944-50-30-1 through 30-2
relating to dividends on participating life insurance contracts applies to contracts that are sold after the date of demutualization or formation of a mutual insurance holding entity within the scope of Subtopic 944-20. The guidance in those paragraphs shall also be applied by stock insurance entities with respect to participating life insurance contracts for which limitations exist on the amount of net income that may be distributed to stockholders. If there is a limitation on the amount of income from participating life insurance contracts issued after the date of demutualization or formation of a mutual insurance holding entity that may be distributed to stockholders, the policyholders' share of income on those contracts that may not be distributed to stockholders shall be charged to operations with a corresponding credit to a liability. Dividends paid to participating policyholders reduce that liability.
","snippet":"The accounting guidance in Subtopic 944-20 shall be applied to demutualized insurance entity participating life insurance contracts within its scope that are issued after the date of demutualization or formation of a mut…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:03431c2a668f60a2be000dbc3d7263f82bfbdcc974bac19c6b21ba67a2575524","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:0737583ef2cd12761f75a82ad49186d31a788aa66a45e3b4af770f12b315c655","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f2d1fd53795cf6b026cbc83c2a6cedeec5608d211f73b7a7de1acacd5e8c722a","downloaded_from":"2026-09-10T01:26:56.608Z","last_downloaded_at":"2026-09-10T01:26:56.608Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477922","source_sha256":"0ce0a08e11997394ae11159371c137fe615f2ec6b3f4ed11715dd4d1afa3f8e6"}},{"number":"45","label":"45 Other Presentation Matters","anchor":"45-other-presentation-matters","is_sec":false,"groups":[{"block":"Demutualizations","heading":"Closed Block","paragraphs":[{"citation":"805-944-45-1","para":"45-1","html":"
Closed block assets, liabilities, revenues, and expenses shall be displayed together with all other assets, liabilities, revenues, and expenses of the insurance entity based on the nature of the particular item, with appropriate disclosures relating to the closed block. See the Demutualizations Subsection of Section 944-805-50.
","snippet":"Closed block assets, liabilities, revenues, and expenses shall be displayed together with all other assets, liabilities, revenues, and expenses of the insurance entity based on the nature of the particular item, with app…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e99163a39dcb02d0ef446b450132a5ed27d2f562d2890daeaeeb87ae5f8cfedc","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e8f2e36fabf30a4fcd8eb4c7d1074cf3708887f36e5b5b001ea417250d6f9cf","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}},{"block":"Demutualizations","heading":"Emergence of Earnings and Policyholder Dividend Obligation","paragraphs":[{"citation":"805-944-45-2","para":"45-2","html":"
Unrealized investment gains and losses, other items of accumulated other comprehensive income, and the amount of offsetting policyholder dividend obligation shall not be netted in the presentation of other comprehensive income.
","snippet":"Unrealized investment gains and losses, other items of accumulated other comprehensive income, and the amount of offsetting policyholder dividend obligation shall not be netted in the presentation of other comprehensive …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:26a66ece2046162f488bbbc11cc21371e2c12999abd27bd95321c02c981fc417","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:e8027e15e55323d4554a184203a4f98bd3cb1301d8d4844879990096716615a3","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}},{"block":"Demutualizations","heading":"Expenses of Demutualization or Holding Entity Formation","paragraphs":[{"citation":"805-944-45-3","para":"45-3","html":"
In connection with a demutualization or formation of a mutual insurance holding entity, an insurance entity will incur expenses, including those for legal services, actuarial services, printing, and postage. Direct and incremental costs related to a demutualization or formation of a mutual insurance holding entity shall be classified as a single line item within income from continuing operations.
","snippet":"In connection with a demutualization or formation of a mutual insurance holding entity, an insurance entity will incur expenses, including those for legal services, actuarial services, printing, and postage. Direct and i…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b21cda789c853c5b3bca7de3dc19043e936730463c5479bada412a0b81711596","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ce7c2e1ac47061c7d7f5a3f9db327516353cc4368a1a81060447e7c34ea72c78","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}},{"block":"Demutualizations","heading":"Date of Demutualization or Holding Entity Formation","paragraphs":[{"citation":"805-944-45-4","para":"45-4","html":"
Depending on the form of demutualization, a reclassification of retained earnings at the date of demutualization may be appropriate. An insurance entity that demutualizes in a distribution-form demutualization shall reclassify all its retained earnings as of the date of demutualization to capital stock and additional paid-in capital accounts (the capital accounts). If the entity distributes cash or policy credits to policyholders in lieu of capital stock, as part of the demutualization, the distribution shall be recorded as a direct reduction to the appropriate capital accounts. A subscription-form demutualization does not, by itself, result in reclassification of retained earnings.
","snippet":"Depending on the form of demutualization, a reclassification of retained earnings at the date of demutualization may be appropriate. An insurance entity that demutualizes in a distribution-form demutualization shall recl…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b842dad1e3e630669de52c74c65b4cc2a3553eb78878505c6fda1d0413ca29b2","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}},{"citation":"805-944-45-5","para":"45-5","html":"
The equity accounts of a mutual insurance holding entity at the formation date shall be determined using the principles for transactions of entities under common control, with the amount of retained earnings of the demutualized insurance entity, before reclassification to the capital accounts, being reported as retained earnings of the mutual insurance holding entity. Because the accounting bases and carrying amounts of assets and liabilities are not changed as a consequence of demutualization or formation of a mutual insurance holding entity, the amounts in accumulated other comprehensive income also shall not be changed as a consequence of demutualization or formation of a mutual insurance holding entity.
","snippet":"The equity accounts of a mutual insurance holding entity at the formation date shall be determined using the principles for transactions of entities under common control, with the amount of retained earnings of the demut…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a4096535d1ecc8979d17c55eb875c3230fae4ec65e61efe78943ee8691cdf0a7","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a22f664d32a695304aed5bfa4158777709c64fc01e7d7d5271541a89a92ffec4","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:bd00de540ff3c559a01dc63f4012a265c1dc749e140edfe2e8fbcd142cb6f2fd","downloaded_from":"2026-09-10T01:26:58.447Z","last_downloaded_at":"2026-09-10T01:26:58.447Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478008","source_sha256":"fd8668a1f3a50953e93456c77f7f96b6c5d5907d700e7f2a1b91e118224f694a"}},{"number":"50","label":"50 Disclosure","anchor":"50-disclosure","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"805-944-50-1","para":"50-1","html":"
The disclosures in paragraphs
350-30-50-1 through 50-3
apply to the intangible assets recognized pursuant to paragraph 944-805-25-3.
","snippet":"The disclosures in paragraphs 350-30-50-1 through 50-3 apply to the intangible assets recognized pursuant to paragraph 944-805-25-3.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:10695687b35c2ca307c7c62ccc14838591336dc424cff714f726118d2c5c07c0","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae22395191535117e0476588587158d546403015d25289db3f81437b1dea6718","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}},{"block":"Demutualizations","heading":null,"paragraphs":[{"citation":"805-944-50-2","para":"50-2","html":"
An insurance entity shall disclose all of the following:
  1. a
    The nature and terms of a demutualization or formation of a mutual insurance holding entity
  2. b
    The basis of presentation and terms of operation of the closed block
  3. c
    A general description of all of the following:
    1. 1
      The method of emergence of earnings from the closed block
    2. 2
      Presentation of assets and liabilities of the closed block
    3. 3
      The policyholder dividend obligation.
","snippet":"An insurance entity shall disclose all of the following:\n(a) The nature and terms of a demutualization or formation of a mutual insurance holding entity\n(b) The basis of presentation and terms of operation of the closed …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8d93e610952c1f74a763dc362c0e53b095dd6eb66d272aee0daeb19476f295f5","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}},{"citation":"805-944-50-3","para":"50-3","html":"
An insurance entity that has formed a closed block shall disclose both of the following:
  1. a
    A general description of the closed block, including all of the following:
    1. 1
      The purpose of the closed block
    2. 2
      The types of insurance policies included
    3. 3
      The nature of the cash flows that increase and decrease the amount of closed block assets and liabilities
    4. 4
      An indication of the continuing responsibility of the insurance entity to support the payment of contractual benefits, including the results of premium sufficiency or deficiency determined in accordance with paragraphs
      944-60-25-7 through 25-9
    5. 5
      The nature of expenses charged to the closed block operations.
  2. b
    Summarized financial data of the closed block as of, or for periods ending on the date of, the financial statements presented, which shall include, at a minimum, all of the following:
    1. 1
      The carrying amounts for the major types of invested assets of the closed block
    2. 2
      Future policy benefits and policyholders' account balances
    3. 3
      Policyholder dividend obligation
    4. 4
      Premiums
    5. 5
      Net investment income
    6. 6
      Realized investment gains and losses
    7. 7
      Policyholder benefits
    8. 8
      Policyholder dividends
    9. 9
      The amount of maximum future earnings remaining to inure to the benefit of stockholders from the assets and liabilities of the closed block
    10. 10
      An analysis of the changes in the policyholder dividend obligation.
Example 2 (see paragraph 944-805-55-3) illustrates the application of these disclosure requirements.
","snippet":"An insurance entity that has formed a closed block shall disclose both of the following:\n(a) A general description of the closed block, including all of the following:\n(1) The purpose of the closed block\n(2) The types of…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:11c4f778c3106a529b683261a235692cf8aea3211047cc813ccdfcf9dd0636de","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}},{"citation":"805-944-50-4","para":"50-4","html":"
Disclosures that typically would be required by the preceding paragraph for the various specific elements included in the closed block need not be made separately for the closed block if the nature of the information for the closed block would not differ significantly from that already included for the reporting entity as a whole. For example, it is not necessary to show a separate schedule of contractual maturities of closed block fixed maturity securities if the relative composition of contractual maturities is similar to those of the reporting entity taken as a whole. However, if the relative maturities of the closed block fixed maturities securities differ from those of the reporting entity taken as a whole, separate disclosures shall be made.
","snippet":"Disclosures that typically would be required by the preceding paragraph for the various specific elements included in the closed block need not be made separately for the closed block if the nature of the information for…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7f7a86e9e31649e52a422b50817de02ead8640e63d1794577bac720db5da1e3f","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:f2b081b9f76a7828fa2fb2c95e507556073285dea4a7b6d1a19bc4357a495c36","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ed5059e36febbd6cf5275d0caae486a1eb0bdc48dc8bfb1cc989f859d8e01166","downloaded_from":"2026-09-10T01:27:01.511Z","last_downloaded_at":"2026-09-10T01:27:01.511Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478072","source_sha256":"d92ef935e800fdd4f922472b7ab31fb8a7ae392dfe80c305ff17424df0fd7195"}},{"number":"55","label":"55 Implementation Guidance and Illustrations","anchor":"55-implementation-guidance-and-illustrations","is_sec":false,"groups":[{"block":"Demutualizations","heading":"Implementation Guidance","paragraphs":[{"citation":"805-944-55-1","para":"55-1","html":"
A stock dividend declared by the stock insurer shall be accounted for in accordance with the guidance in Subtopic 505-20. Under existing laws or regulations, a mutual insurance holding entity is required to own a controlling voting interest in the stock insurance subsidiary and, therefore, shall reflect the stock insurer or intermediate holding entity on a consolidated basis. As a result, intra-entity dividends would be eliminated in the consolidated accounts of the mutual insurance holding entity.
","snippet":"A stock dividend declared by the stock insurer shall be accounted for in accordance with the guidance in Subtopic 505-20. Under existing laws or regulations, a mutual insurance holding entity is required to own a control…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:6f0a0e79f4e3a968ce0166f956737c167f9c45da140f9f4165777d82e673a5a9","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:536ee3d8021e744ec53858f8eeaeeb2d6e9d77cb6ebffdbeb040a1c05f42e9ce","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"block":"Demutualizations","heading":"Illustrations","paragraphs":[{"citation":"805-944-55-2","para":"55-2","html":"
This Example illustrates emergence of earnings as discussed beginning in paragraph 944-805-25-8. As part of the negotiations surrounding the closed block and demutualization process, the insurance entity may agree with the insurance regulator to designate participating policies with a carrying amount (liability) of $2,500,000,000 for the closed block. Fixed maturity available-for-sale investments with a carrying value and fair value of $2,300,000,000 and an amortized cost of $2,240,000,000 are designated as the closed block assets. If there are no other assets or liabilities included in the closed block, the maximum future earnings from the closed block that would be recognized in income over the period in which the closed block remains in force is $260,000,000.
","snippet":"This Example illustrates emergence of earnings as discussed beginning in paragraph 944-805-25-8. As part of the negotiations surrounding the closed block and demutualization process, the insurance entity may agree with t…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a663cc9866bd552d88f00f52617f288bf912283658670408c5512100952e5b0b","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-3","para":"55-3","html":"
This Example illustrates one application of the disclosure requirements of the Demutualizations Subsection of Section 944-805-50 for a single hypothetical insurance entity, referred to as ABC Life Insurance Entity. ABC Life Insurance Entity would make the following disclosures.
","snippet":"This Example illustrates one application of the disclosure requirements of the Demutualizations Subsection of Section 944-805-50 for a single hypothetical insurance entity, referred to as ABC Life Insurance Entity. ABC L…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:eb041e12054528670efc2947cc2c7f662344e57ffc59c83dde1ab36669b4746e","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-4","para":"55-4","html":"
ABC Life Insurance Entity may present summarized financial information for the closed block in a table as follows.
","snippet":"ABC Life Insurance Entity may present summarized financial information for the closed block in a table as follows.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:510718d634a4fcd959d108146aa27504f16c3468216231a910b99604dd0a3069","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-5","para":"55-5","html":"
ABC Life Insurance Entity may present additional summarized financial information for the closed block in a table as follows.
","snippet":"ABC Life Insurance Entity may present additional summarized financial information for the closed block in a table as follows.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:8f6dd568c58821a23d871b1aa0225003fe6303ebdb208426b766f7eced48ff59","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-6","para":"55-6","html":"
This Example illustrates the accounting under the Demutualizations Subsections of this Subtopic for closed block business (meaning those assets and liabilities both inside and outside of the closed block that relate to or support the closed block policies) after the demutualization date. This Example illustrates the computations involved in the following:
  1. a
    Determining the amount of the policyholder dividend obligation
  2. b
    Subparagraph superseded by Accounting Standards Update No. 2018-12.
  3. c
    Subparagraph superseded by Accounting Standards Update No. 2018-12.
","snippet":"This Example illustrates the accounting under the Demutualizations Subsections of this Subtopic for closed block business (meaning those assets and liabilities both inside and outside of the closed block that relate to o…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c9682e00e9f6e8bef02d8b998363ab69594c1670a83f7a7339440a204eb07ffc","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-7","para":"55-7","html":"
For simplicity, this Example assumes the closed block has not been funded for income taxes. In practice, the closed block may or may not be funded for income taxes. If the closed block is funded for income taxes, the actuarial calculation would be constructed on a post-tax basis. However, for the purpose of determining the policyholder dividend obligation, pretax amounts should be used. Generally, this would be accomplished by converting post-tax actuarial calculation values to corresponding pretax values for purposes of determining the policyholder dividend obligation. If the closed block is funded for income taxes, a change in income tax rates would result in an experience gain or loss that would affect closed block cash flows.
","snippet":"For simplicity, this Example assumes the closed block has not been funded for income taxes. In practice, the closed block may or may not be funded for income taxes. If the closed block is funded for income taxes, the act…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9e7efb00990664900cb2fc9d12dd8060350e15f051ab3c4bbfcd353724b1a23d","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-8","para":"55-8","html":"
The closed block business is assumed to be written in Year 1, with demutualization occurring at the end of Year 5. Present values are assumed at a discount rate of 8.5 percent.
","snippet":"The closed block business is assumed to be written in Year 1, with demutualization occurring at the end of Year 5. Present values are assumed at a discount rate of 8.5 percent.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:56904d1143628254fbf70a84228bb1ae0f160cd8db4d3132be86213d8a16c281","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-9","para":"55-9","html":"
As discussed beginning in paragraph 944-805-25-10, the table in paragraph 944-805-55-10 is based on the actuarial calculation for the closed block developed at the demutualization date and represents the expected changes in the net closed block liability (closed block deficit) over the life of the closed block. The data in that table would be compared to actual results throughout the life of the closed block to determine the need for a policyholder dividend obligation. That table assumes an increase in interest rates in Year 6 from 8.5 percent to 9.5 percent, which results in the board of directors increasing dividends in Years 7 through 10. The table assumes demutualization begins in Year 6. For purposes of the Example, all other assumptions are held constant and expenses are assumed to be excluded from the closed block.
","snippet":"As discussed beginning in paragraph 944-805-25-10, the table in paragraph 944-805-55-10 is based on the actuarial calculation for the closed block developed at the demutualization date and represents the expected changes…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2d980591a41d4b62dc359ea1cc94af2ba952b6d88adcc6af7a498587b59a2ce8","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-10","para":"55-10","html":"
Components of the illustrative closed block follow.
","snippet":"Components of the illustrative closed block follow.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:497c0f8837767e01b573da2d5abecd7e87e1aa0dbade384a0c9c9e1cf4f03f42","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-11","para":"55-11","html":"
For purposes of the table in paragraph 944-805-55-10, the product of the closed block policyholder dividend obligation calculation follows.
","snippet":"For purposes of the table in paragraph 944-805-55-10, the product of the closed block policyholder dividend obligation calculation follows.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:a06deaf3787760c0791f2ff0d98c9cd6a8af04db73bb57c30a898af5b4a63d74","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-12","para":"55-12","html":"
Paragraph superseded by Accounting Standards Update No. 2018-12.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2018-12.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3e88d7393f813a2ff78d9f9e0f09beaf074e074d207825f547d6c9d4c2e34434","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"citation":"805-944-55-13","para":"55-13","html":"
Paragraph superseded by Accounting Standards Update No. 2018-12.
","snippet":"Paragraph superseded by Accounting Standards Update No. 2018-12.","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7a3c829bb0d5aa7d97eb9ad69d2ba691620a8bbc14da188f1da3cc218fca4ed9","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c8b528341ae5c163f0d9a92cc23954598388fe951fb77dc40cc6a7cc2e68d7d4","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c647d6b4f4c33055e86f4f0a3366b9e78df988da4578ad0a418ba947965672a3","downloaded_from":"2026-09-10T01:27:03.516Z","last_downloaded_at":"2026-09-10T01:27:03.516Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477301","source_sha256":"007297060f80b1924cb99b93adec276bbff26525c3c2fd391a0d5a1bad4b4aee"}},{"number":"S25","label":"SEC 25 Recognition","anchor":"sec-25-recognition","is_sec":true,"groups":[{"block":null,"heading":"Accounting by the Purchaser for a Seller's Guarantee of the Adequacy of Liabilities for Losses and Loss Adjustment Expenses Acquired in a Purchase Business Combination","paragraphs":[{"citation":"805-944-S25-1","para":"S25-1","html":"
See paragraph 944-805-S99-1, SEC Observer Comment: Accounting by the Purchaser for a Seller's Guarantee of the Adequacy of Liabilities for Losses and Loss Adjustment Expenses Acquired in a Purchase Business Combination, for related SEC Staff views.
","snippet":"See paragraph 944-805-S99-1, SEC Observer Comment: Accounting by the Purchaser for a Seller's Guarantee of the Adequacy of Liabilities for Losses and Loss Adjustment Expenses Acquired in a Purchase Business Combination, …","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:220dde556a609d1b59efc0adb91ad394098a2e13d0364269a3f2d1c436671d3c","downloaded_from":"2026-09-10T01:27:07.338Z","last_downloaded_at":"2026-09-10T01:27:07.338Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478170","source_sha256":"6c85aba3cc012ec4f93230d08a96a6581c1da288a983b1acca2cf3b11762015d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:38f4abed1cf7ba3bb333c2c132a12edf2f012b3cfa6f820e3355e14793b9d010","downloaded_from":"2026-09-10T01:27:07.338Z","last_downloaded_at":"2026-09-10T01:27:07.338Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478170","source_sha256":"6c85aba3cc012ec4f93230d08a96a6581c1da288a983b1acca2cf3b11762015d"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:c9dcd436c823725cd5cfd71b927e4f611894983fc420102312f7c58ab7615e4b","downloaded_from":"2026-09-10T01:27:07.338Z","last_downloaded_at":"2026-09-10T01:27:07.338Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147478170","source_sha256":"6c85aba3cc012ec4f93230d08a96a6581c1da288a983b1acca2cf3b11762015d"}},{"number":"S99","label":"SEC 99 SEC Materials","anchor":"sec-99-sec-materials","is_sec":true,"groups":[{"block":null,"heading":"SEC Staff Guidance","paragraphs":[{"citation":"805-944-S99-1","para":"S99-1","html":"
The following is the text of SEC Observer Comment: Accounting by the Purchaser for a Seller's Guarantee of the Adequacy of Liabilities for Losses and Loss Adjustment Expenses Acquired in a Purchase Business Combination.
","snippet":"The following is the text of SEC Observer Comment: Accounting by the Purchaser for a Seller's Guarantee of the Adequacy of Liabilities for Losses and Loss Adjustment Expenses Acquired in a Purchase Business Combination.\n…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ae33580f8608eeda3335f1776cc4f3045e424ab768db1adf1bc4b684768b162e","downloaded_from":"2026-09-10T01:27:09.747Z","last_downloaded_at":"2026-09-10T01:27:09.747Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477394","source_sha256":"7ef97474fa3c2706de008452c81d8835853d078ab4faa54c469a641f5bc5c81a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b277fdb73d7dea048bfa05d1520e1dc23a41ede9a87f27faab3850cbd6fd193a","downloaded_from":"2026-09-10T01:27:09.747Z","last_downloaded_at":"2026-09-10T01:27:09.747Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477394","source_sha256":"7ef97474fa3c2706de008452c81d8835853d078ab4faa54c469a641f5bc5c81a"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:b287d2d12447c6a347fb03080bb03a294f1e45defe48d70ea007609a579eb175","downloaded_from":"2026-09-10T01:27:09.747Z","last_downloaded_at":"2026-09-10T01:27:09.747Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147477394","source_sha256":"7ef97474fa3c2706de008452c81d8835853d078ab4faa54c469a641f5bc5c81a"}}],"enrichment":{"summary":"ASC 805-944 tells insurance entities how to account for insurance and reinsurance contracts acquired in a business combination and how to account for demutualizations (or formation of a mutual insurance holding entity). Acquired insurance/reinsurance contracts are treated as new contracts, recognized at fair value but split into (a) amounts measured under the acquirer's own insurance accounting policies and (b) an intangible asset (or liability) for the residual, while the acquiree's classification as insurance versus deposit contract is carried forward. A demutualization is not itself a change in ownership requiring a new accounting basis; instead the entity computes a one-time actuarial calculation of maximum future closed-block earnings and records a policyholder dividend obligation whenever cumulative actual closed-block earnings exceed cumulative expected earnings.","key_points":["Insurance and reinsurance contracts acquired in a business combination are considered new contracts for measurement and accounting purposes, but the acquiree's classification as an insurance/reinsurance contract versus a deposit contract is carried forward based on terms at contract inception or last substantive modification (944-805-25-1 through 25-2).","Fair value of the acquired contractual rights and obligations is recognized in two components: assets and liabilities measured under the acquirer's own insurance accounting policies (excluding the acquiree's deferred acquisition costs and unearned premiums), and an intangible asset or other liability for the difference (944-805-30-1); that intangible is subsequently measured on a basis consistent with the related insurance liability (944-805-35-1 through 35-3).","A demutualization or formation of a mutual insurance holding entity does not, by itself, constitute a change in ownership requiring a change in historical accounting bases or carrying amounts, and closed block assets continue to be accounted for as before (944-805-25-6 through 25-7).","Maximum future stockholder earnings from the closed block equal the excess of closed block liabilities over closed block assets, adjusted to remove unrealized amounts in accumulated other comprehensive income, measured at the demutualization date (944-805-25-8 through 25-9).","A best-estimate actuarial calculation (no provision for adverse deviation) made at the actuarial calculation date is used in all later periods and shall not be revised (944-805-30-3 through 30-4); cumulative actual closed block earnings exceeding cumulative expected earnings are recorded as a policyholder dividend obligation, which may never be negative (944-805-35-5 through 35-12).","Distributions by a mutual insurance holding entity to its members are accounted for by substance—as policyholder dividends under Subtopic 944-50 unless there are substantive independent third-party stockholders and the three conditions in 944-805-25-13 are met.","In a distribution-form demutualization all retained earnings are reclassified to capital stock and additional paid-in capital (with cash or policy credits charged directly to those capital accounts), while a subscription-form demutualization causes no such reclassification; direct and incremental demutualization costs are shown as a single line item within income from continuing operations (944-805-45-3 through 45-4)."],"categories":["Business combinations","Industry-specific","Subsequent measurement","Disclosure"],"audience_level":"advanced","student_note":"This is niche insurance-industry guidance, but it illustrates two exam-worthy ideas: acquired insurance contracts are remeasured at fair value yet split into a policy-basis component plus a residual intangible, and a demutualization is a reorganization—not a purchase—so no new basis arises. The most common misunderstanding is thinking the closed block is a separate legal or reporting entity; it is displayed line-by-line with the insurer's other assets and liabilities, and its assets remain subject to the insurer's general creditors.","related_topics":["944-20","944-30","944-50","944-60","805-20","350-30"],"key_concepts":["acquired insurance and reinsurance contracts","demutualization","mutual insurance holding entity","closed block","policyholder dividend obligation","actuarial calculation date","maximum future earnings inuring to stockholders","participating life insurance contracts"],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:05098cdb1e9ba86fb52b7ff3f07688a1706f66a445ea94b5d78301ce896e3ebb","downloaded_from":"2026-09-10T01:26:39.788Z","last_downloaded_at":"2026-09-10T01:27:09.747Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},"related":[{"number":"605-944","title":"Financial Services—Insurance","topic_title":"Revenue Recognition","score":0.7619,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:43742dedca4c2a35a6100bdb06250278f40224c4ad086cfab9758a94f54c875c","downloaded_from":"2026-09-10T00:49:17.918Z","last_downloaded_at":"2026-09-10T00:49:46.481Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"944-80","title":"Separate Accounts","topic_title":"Financial Services—Insurance","score":0.76,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:48287c13db7e772352bb44b32c435e0d8f1a351f78009934e617fcc85e6948ea","downloaded_from":"2026-09-10T02:18:08.530Z","last_downloaded_at":"2026-09-10T02:18:42.131Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"944-40","title":"Claim Costs and Liabilities for Future Policy Benefits","topic_title":"Financial 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Contracts","topic_title":"Investments—Other","score":0.7457,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:73949cc273ff8a28d39650c1c90d361ed6567b205086f9f59a11821df0cabccf","downloaded_from":"2026-09-09T23:43:55.828Z","last_downloaded_at":"2026-09-09T23:44:24.209Z","date_scope":"source_page_range","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps"}},{"number":"405-30","title":"Insurance-Related 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