Acronyms
GAAP
What is Generally Accepted Accounting Principles
This piece of tax legislation is common referred to as "Obamacare"
What is the Patient Protection and Affordable Care Act (ACA)
Money charged for the insurance coverage reflecting expectation of loss
What are Premiums
This is the job Pete wanted growing up
What is an Architect
What is the National Association of Insurance Commissioners
This piece of legislation most recently resulted in a reduction to the corporate income tax rate
What is the Tax Cuts and Jobs Act (TCJA)
A portion of the premium retained to pay future claims
What are Reserves
As an adult, Pete still plays with what popular children's toy
What are Legos
AICPA
What is the American Institute of CPAs
When talking about tax reform, this is the act most people referred to prior to 2017
What is the Tax Reform Act of 1986 (TRA)
All premiums (fees) received for coverage extending beyond the statement date; appears as a liability on the balance sheet
What is UPR
This is Pete's favorite Halloween candy
What are Reese's Peanut Butter Cups
AIT
What is Accounting for Income Taxes
This act included tax credits for first time home buyers
What is the Housing and Economic Recovery Act (HERA)
Additional tax levied on insurance companies that are domiciled outside of the taxing state
What is Retaliatory Tax
This is the largest health insurer in Illinois, where Pete has worked the longest in his career
What is Blue Cross Blue Shield of Illinois
PCAOB
What is the Public Company Accounting Oversight Board
The R&D Credit was introduced in 1981 under this act
What is the Economic Recovery Tax Act of 1981
A method developed by the NAIC to determine the minimum amount of capital required of an insurer to support its operations and write coverage
What is Risk Based Capital (RBC)
A popular outdoor clothing company, Pete also visited here on his honeymoon
What is Patagonia