Accounting Policy CVP 44926
New York Life Insurance Company (New York Life or the company) is the largest mutual life insurance company in the United States .
Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business.
The company reported 2016 operating earnings of $1.
954 billion.
Total assets under management at year end 2016, with affiliates, totaled $538 billion.
As of year-end 2016, New York Life's surplus was $23.
336 billion .
New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies:
A.
M.
Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+.
(Source:
Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
Maintain the company's accounting policies and provide guidance on the interpretation and application of generally accepted accounting principles and statutory accounting principles for new transaction and accounting standards.
Responsibilities:
1.
Review all new and proposed statutory and GAAP accounting policies which are promulgated by various authorities including the NAIC, FASB, Emerging Issues Task Force and the SEC, in order to make a determination as to applicability to the Company.
This includes:
a) documenting the Company's recommended implementation position for accounting guidance promulgated, b) disseminating accounting requirements to all areas affected throughout the Company, c) coordinating implementation of the standard, d) discussing positions with the company's external auditors and e) drafting the Company's response to proposed statutory and GAAP accounting standards that are significant in nature to the Company's results.
2.
Maintain the Company's accounting policy manual.
3.
Participate in Industry accounting committees (NAIC Interested Parties and ACLI Accounting Committee) 4.
Assist with research of selected accounting issues (including potential investment transactions and new product features) from various sources (business units senior management etc.
) on an ad hoc basis
Qualifications:
Bachelor's Degree 8 to 12 years exp Life insurance industry expertise is preferable.
Also, the individual must have knowledge of the insurance side of the balance sheet (DAC, reserves, product classification).
A minimum of 5 years in the insurance industry in an accounting policy role is required.
AICPA designation is preferred but not required.
SF:
LI-DI1 SF:
EF-DI1 Based on revenue as reported by Fortune 500, ranked within Industries, Insurance:
Life, Health (Mutual), Fortune Magazine, June 17, 2016.
See for methodology.
Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1.
Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business.
This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2.
Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.
Accounting Policy CVP 44926.
Estimated Salary: $20 to $28 per hour based on qualifications.
Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business.
The company reported 2016 operating earnings of $1.
954 billion.
Total assets under management at year end 2016, with affiliates, totaled $538 billion.
As of year-end 2016, New York Life's surplus was $23.
336 billion .
New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies:
A.
M.
Best, A++; Fitch AAA; Moody's Aaa; Standard & Poor's AA+.
(Source:
Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity-the values upon which New York Life was founded-have guided the company's decisions and actions for over 170 years.
Maintain the company's accounting policies and provide guidance on the interpretation and application of generally accepted accounting principles and statutory accounting principles for new transaction and accounting standards.
Responsibilities:
1.
Review all new and proposed statutory and GAAP accounting policies which are promulgated by various authorities including the NAIC, FASB, Emerging Issues Task Force and the SEC, in order to make a determination as to applicability to the Company.
This includes:
a) documenting the Company's recommended implementation position for accounting guidance promulgated, b) disseminating accounting requirements to all areas affected throughout the Company, c) coordinating implementation of the standard, d) discussing positions with the company's external auditors and e) drafting the Company's response to proposed statutory and GAAP accounting standards that are significant in nature to the Company's results.
2.
Maintain the Company's accounting policy manual.
3.
Participate in Industry accounting committees (NAIC Interested Parties and ACLI Accounting Committee) 4.
Assist with research of selected accounting issues (including potential investment transactions and new product features) from various sources (business units senior management etc.
) on an ad hoc basis
Qualifications:
Bachelor's Degree 8 to 12 years exp Life insurance industry expertise is preferable.
Also, the individual must have knowledge of the insurance side of the balance sheet (DAC, reserves, product classification).
A minimum of 5 years in the insurance industry in an accounting policy role is required.
AICPA designation is preferred but not required.
SF:
LI-DI1 SF:
EF-DI1 Based on revenue as reported by Fortune 500, ranked within Industries, Insurance:
Life, Health (Mutual), Fortune Magazine, June 17, 2016.
See for methodology.
Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company's long-term financial strength and stability and is presented on a consolidated basis of the company.
1.
Operating earnings is the key measure use by management to track Company's profitability from ongoing operations and underlying profitability of the business.
This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2.
Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.
Accounting Policy CVP 44926.
Estimated Salary: $20 to $28 per hour based on qualifications.
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