Improvement of life insurance-related accounting opera-tions within the New Economy

Marinică DOBRIN

Abstract


This paper outlines the life insurance-related accounting operations, in consideration to the harmonization of the Romanian legislation with the International Financial Reporting Standards.

The main accounting operations specific to the life insurance sector include: accounting of revenues and expenses derived from life insurance operations (recording the premiums written, recording the payment of insurance premiums, termination of insurance policy, recording the compensation expenses), accounting of operations related to the setting up and using the technical reserves for life insurance (general principles, accounting of premium reserves, accounting of loss reserve, accounting of the reserve for benefits and discounts, accounting of mathematical reserve, accounting of other life insurance-related technical reserves).

 


Keywords


revenues and expenses, life insurance, technical reserves for life insurance, reported/not reported loss reserve, reserve for benefits and discounts, mathematical reserve

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References


• Dan Anghel Constantinescu, Insurance Regulation and Supervision in the European Union, published by Semne ’94, Bucharest, 2004.

• Dan Anghel Constantinescu, Insurance Textbook, Volumes I+II, Economica Publishing House, Bucharest, 2004.

• Dumitru Badea, Luminiţa Ionescu, Staff Insurance and Their Illustration in the Accounting Records, Economica Publishing House, Bucharest, 2001.

• Iulian Văcărel, Florian Bercea, Insurance and Reinsurance, 4th Edition, Expert Publishing House, Bucharest, 2007.

• Marinică Dobrin, Accounting and Main Financial Insurance Specific Indicators, Bren Publishing House, Bucharest, 2010.

• Marinică Dobrin, Accounting of the Insurance Companies, Publishing House of Fundaţia România de Mâine, Bucharest, 2007.

• Marinică Dobrin, Accounting Management in Insurance Sector, Tribuna Economica Publishing House, Bucharest, 2006.

• Marinică Dobrin, Mihaela Găliceanu, Insurance and Reinsurance, Publishing House of Foundation România de Mâine, Bucharest, 2003.

• Marinică Dobrin, Paul Tănăsescu, Insurance Theory and Practice, 2nd Edition, Economica Publishing House, Bucharest, 2003.

• Marinică Dobrin, Insurance and Reinsurance, Publishing House of Foundation România de Mâine, Bucharest, 2000.

LEGISLATION

 Law no. 32 of 03.04.2000 concerning the insurance companies and the supervision of the insurers (published in the “Official Gazette”, Part I, no. 148 of 10.04.2000), as subsequently amended and completed.

 Law no. 278/2008 for the approval of the Government Emergency Ordinance no. 90/2008 concerning the statutory audit of annual financial statements and consolidated annual financial statements (published in the “Official Gazette”, Part I, no. 768 of 14.11.2008).

ISC Order no. 3129 of 21.12.2005 for the approval of the accounting regulations according to the European directives applicable in the field of insurance (published in the “Official Gazette”, Part I, no. 1187 of 29.12.2005), as subsequently amended




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