THE MAIN ASPECTS OF ACCOUNTING IN INSURANCE COMPANIES
Journal Title: INTERNATIONAL ACADEMY JOURNAL "Web of Scholar" - Year 2018, Vol 6, Issue 6
Abstract
This article discusses the role and the place of the insurance sector as the financial sector, as well as countries economic development. Special attention is given to the insurance industry, which includes the set of laws and regulations under which the insurance business is conducted. Relations in the field of insurance is regulated by the Georgian constitution, the civil code, Law of Georgia on Insurance and other Georgian laws and regulations. And the accounting and auditing is implemented basis of International Financial Reporting Standards (IFRS) andInternational Audit Standards (ISA). The insurance agreement is acivil legal document, which determines the commitments between the insurer and the policy owner. According with an insurance contract, the insurer is obligated to compensate the policy owner the damage caused by the occurrence of insurance terms according with the terms of the agreement defined with the insurance money. With the same agreement, there’s determined mode of payment of fee(bonus) and conditions. The improvement of the insurance contracts accounting, refers to the price which determines the insurer's rights, about accounting politics, the adequacy of commitments, the devaluation of the reinsured assets, the valuation of the current market interest rates, a shadow accounting and etc. The article also analyzes the capital structure, which is characteristic for the insurance companies, formation of demands and obligations. Particular attention is paid to the insurance companies regulatory capital requirements, established by the State Insurance Supervision Service This article discusses the the elements of financial statements related to the financial results of the insurance companies'activities, their recognition and insurance operations accounting entries, earned premium amount, the amount of incurred net losses and calculation methods of the financial results of the insurance activities (non-life), formulas of net loss ratio and the combined loss ratios. In addition we would like to note that the article deals only with the operations related to insurance activities.
Authors and Affiliations
Dali Sologashvili
Keywords
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- EP ID EP325747
- DOI 10.31435/rsglobal_wos/12062018/5788
- Views 175
- Downloads 0
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