In recent years this kind of operational definition proved inadequate as a result of contracts that had the form but not the substance of insurance. The essence of insurance is the transfer of risk from the insured to one or more insurers. How much risk a contract actually transfers proved to be at the heart of the controversy. This issue arose most clearly in reinsurance, where the use of Financial Reinsurance to reengineer insurer balance sheets under US GAAP became fashionable during the 1980s. The accounting profession raised serious concerns about the use of reinsurance in which little if any actual risk was transferred, and went on to address the issue in FAS 113, cited above. While on its face, FAS 113 is limited to accounting for reinsurance transactions, the guidance it contains is generally conceded to be equally applicable to US GAAP accounting for insurance transactions executed by commercial enterprises.
Read more about this topic: Insurance In The United States
Other articles related to "definitions, definition":
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... ESPN launched its 720p high-definition simulcast, originally branded as ESPNHD, on March 20, 2001 ... Live studio shows, along with most live events on ESPN, use high definition ... non-HD sources is presented in a standard definition, 43 format with stylized pillarboxes ...
Famous quotes containing the word definition:
“... we all know the wags definition of a philanthropist: a man whose charity increases directly as the square of the distance.”
—George Eliot [Mary Ann (or Marian)
“Scientific method is the way to truth, but it affords, even in
principle, no unique definition of truth. Any so-called pragmatic
definition of truth is doomed to failure equally.”
—Willard Van Orman Quine (b. 1908)
“Im beginning to think that the proper definition of Man is an animal that writes letters.”
—Lewis Carroll [Charles Lutwidge Dodgson] (18321898)