{"schema_version":2,"canonical_url":"https://asc.understandingaccounting.org/asc/944/80/#05-overview-and-background","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.","topic":"944","topic_title":"Financial Services—Insurance","subtopic":"944-80","subtopic_title":"Separate Accounts","section":{"number":"05","label":"05 Overview and Background","anchor":"05-overview-and-background","is_sec":false,"groups":[{"block":null,"heading":null,"paragraphs":[{"citation":"944-80-05-1","para":"05-1","html":"<div class=\"asc-body\"><div class=\"norm-text\">This Subtopic provides insurance entities guidance on accounting for and financial reporting of <a href=\"/glossary/s/#separate-account\" class=\"term\" title=\"A separate investment account established and maintained by an insurance entity under relevant state insurance law to which funds have been allocated for certain contracts of the insurance entity or similar accounts used for foreign originated products. The term separate accounts includes separate accounts and subaccounts or investment divisions of separate accounts.\"><span>separate accounts</span></a>, including <span class=\"sfragment\" id=\"sfr_0903E61B-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">an insurance entity's accounting for separate account assets and liabilities related to contracts for which all or a portion of the investment risk is borne by the insurer. </span></span></div></div>","snippet":"This Subtopic provides insurance entities guidance on accounting for and financial reporting of separate accounts, including an insurance entity's accounting for separate account assets and liabilities related to contrac…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:2b02a9c927e9345290ee34caa9f7526f82a88c7480d5d8e48fb88212cdc77c1c","downloaded_from":"2026-09-10T02:18:10.428Z","last_downloaded_at":"2026-09-10T02:18:10.428Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479396","source_sha256":"f22cdc227309930e361a7374f31e12d86297103d0beeb1797d5807c7d6087218"}},{"citation":"944-80-05-2","para":"05-2","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_0903E72F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Separate accounts represent assets and liabilities that are maintained by an insurance entity for purposes of funding fixed-benefit or variable annuity contracts, pension plans, and similar activities. </span></span><span class=\"sfragment\" id=\"sfr_0903E80F-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">The contract holder generally assumes the investment risk, and the insurance entity receives a fee for investment management, certain administrative expenses, and <a href=\"/glossary/m/#mortality\" class=\"term\" title=\"The relative incidence of death in a given time or place.\"><span>mortality</span></a> and expense risks assumed. </span></span></div></div>","snippet":"Separate accounts represent assets and liabilities that are maintained by an insurance entity for purposes of funding fixed-benefit or variable annuity contracts, pension plans, and similar activities. The contract holde…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:7ab37487b133445fad11e56e4f84c2da8c7241e85949126b228ad4d25e83ec43","downloaded_from":"2026-09-10T02:18:10.428Z","last_downloaded_at":"2026-09-10T02:18:10.428Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479396","source_sha256":"f22cdc227309930e361a7374f31e12d86297103d0beeb1797d5807c7d6087218"}},{"citation":"944-80-05-3","para":"05-3","html":"<div class=\"asc-body\"><div class=\"norm-text\"><span class=\"sfragment\" id=\"sfr_0903E8F0-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Often for administrative purposes, separate account subaccounts with differing investment objectives are created within a single separate account. </span></span><span class=\"sfragment\" id=\"sfr_0903E9BE-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">Examples include both of the following: </span></span><ol class=\"ol-norm\"><li class=\"li-norm\"><span class=\"linum\">a</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_0903EA87-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A variable life insurance contract offered through an insurance entity's high return separate account </span></span></div></li><li class=\"li-norm\"><span class=\"linum\">b</span><div class=\"p\"><span class=\"sfragment\" id=\"sfr_0903EB75-6E94-1014-A13F-6E4B94C84136\"><span class=\"sfragment-source\">A contract holder's allocation of a portion of the contract holder's deposit in a deferred variable annuity to a growth equity fund. </span></span></div></li></ol></div></div>","snippet":"Often for administrative purposes, separate account subaccounts with differing investment objectives are created within a single separate account. Examples include both of the following:\n(a) A variable life insurance con…","pending":false,"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:ed416373a75868978d759270df373d22b1ade361a2f0ffa853566928a2552031","downloaded_from":"2026-09-10T02:18:10.428Z","last_downloaded_at":"2026-09-10T02:18:10.428Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479396","source_sha256":"f22cdc227309930e361a7374f31e12d86297103d0beeb1797d5807c7d6087218"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:3b056baf714fc611a338732fd4a820b395b314b433ea5a4f2c777493fa6aa573","downloaded_from":"2026-09-10T02:18:10.428Z","last_downloaded_at":"2026-09-10T02:18:10.428Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479396","source_sha256":"f22cdc227309930e361a7374f31e12d86297103d0beeb1797d5807c7d6087218"}}],"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9801d61f138a9177ac002c0b093c73a02e54536a0c18dc0d5ceecbcd96cf1ae9","downloaded_from":"2026-09-10T02:18:10.428Z","last_downloaded_at":"2026-09-10T02:18:10.428Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479396","source_sha256":"f22cdc227309930e361a7374f31e12d86297103d0beeb1797d5807c7d6087218"}},"provenance":{"source_url":"https://asc.fasb.org/","snapshot_version":"sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f","record_version":"sha256:9801d61f138a9177ac002c0b093c73a02e54536a0c18dc0d5ceecbcd96cf1ae9","downloaded_from":"2026-09-10T02:18:10.428Z","last_downloaded_at":"2026-09-10T02:18:10.428Z","date_scope":"source_page","effective_as_of":null,"effective_as_of_status":"Not established by retrieval timestamps","source_key":"1943274/2147479396","source_sha256":"f22cdc227309930e361a7374f31e12d86297103d0beeb1797d5807c7d6087218"}}