Accounting Pronouncements

3 Months Ended

Mar. 31, 2012

Accounting Pronouncements [Abstract]

Accounting Pronouncements

Note 11 – Accounting Pronouncements

In October 2010, the FASB issued “Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts” (ASC 944-10) to address diversity in practice regarding the interpretation of which costs relating to the acquisition of new or renewal insurance contracts qualify for deferral. The amendments specify that certain costs incurred in the successful acquisition of new and renewal contracts should be capitalized. Those costs include incremental direct costs of contract acquisition that result directly from and are essential to the contract transactions and would not have been incurred by the insurance entitiy had the contract transactions not occurred. Effective January 1, 2012, the Company adopted this guidance with no impact on our results of operations, financial condition or liquidity.

In May 2011, the FASB issued Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This guidance did not have a material impact on U.S. GAAP but did clarify some existing rules. Effective January 1, 2012, we prospectively adopted this amended guidance. The adoption of this guidance did not impact our results of operations, financial condition or liquidity. The additional disclosures are provided in Note 6 – Fair Value Measurements.