Fully Benefit-responsive Contracts

[Guest guest101]

If the insurance company states in the Q&As that the contracts offered by them are NOT fully benefit-responsive, do we need to show both the contract value and the fair value on the statement of net assets available for benefits? For fully benefit-responsive contracts, I have been able to disclose the fair value and then the adjustment from fair to contract value to come up with net assets available for benefits at contract value. Where I have a hard time is when the contract is NOT fully benefit-responsive then what do you do? GAAP says to use fair value so do you only show fair value and NO contract value? The other caveat is that for limited-scope certifications, most of the times they certify the contract value and not necessarily the fair value. I want to see what are others doing in these situations. Thanks!