US GAAP for Insurers

By Mark J. Freedman and Robert G. Frasca · Society of Actuaries · 2024

The Society of Actuaries' third edition of its text on US generally accepted accounting principles for insurers, which significantly revises the second edition from 2006 (titled US GAAP for Life Insurers). It offers a comprehensive analysis of US GAAP, and its scope has expanded to cover property and casualty insurance. It is designed to assist actuaries, accountants and other professionals who help prepare and review insurance company financial statements submitted in accordance with GAAP.

On the syllabus

Exam ILA-201U — Outcomes 1b; Chapter 1, Chapter 3, Chapter 4, Chapter 5, Chapter 7 (only sections 1, 2 and 5-7), Chapter 11 and Chapter 12 (as the syllabus states it)

1 US GAAP Objectives and their Implications to Insurers

3 Product Classification and Measurement

4 Expenses

5 Nonparticipating Traditional Life Insurance

7 Universal Life Insurance

11 Deferred Annuities

12 Payout Annuities

Sources

Actuarial Books (Society of Actuaries) — the publisher's record of the third edition: Robert G. Frasca and Mark J. Freedman, Editors, 2024, 768 pages, and its description, from which the lead is taken
Goodbye White Book — New US GAAP Book Released by the SOA (The Financial Reporter, August 2025) — the book's number of chapters (22), and that it updates the second edition for ASU 2018-12; no chapter titles are given there
SOA Exam ILA-201U Syllabus, 2026-2027 — the citation (US GAAP for Insurers, Freedman, M., and Frasca, R., 3rd Edition, 2024), the titles of the seven assigned chapters as the syllabus prints them, and the outcomes they serve; the book is sold by the SOA and no full table of contents or ISBN could be found, so only these seven chapters are listed, with no sections