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reinsure |
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Formed in 1998, it currently reinsures about 14 million lives and $1 trillion of face amount in North America and is one of the three largest life reinsurers in the U. The taxpayer forms a wholly owned corporation, typically in a foreign country, to reinsure the policies and sends the premiums it receives to the unrelated insurance company, which reinsures a portion of the premiums to the taxpayer's insurance company. The EITF reached a consensus that to qualify for reinsurance contract accounting, a contract that reinsures risks arising from short-duration insurance contracts must meet three conditions that relate to qualification as a short-duration contract, risk-transfer issues and the nature of the ultimate premium expected to be paid or received under the contract. |
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