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Table V. Sales or Disposals of Properties

Instructions:

1. Include all sales or disposals of property by programs with similar investment objectives within the most recent three years.

2. Sponsors with a "public track record” should only include information relating to public programs. If the sponsor does not have a “public track record,” then information should be given about sales or disposals of properties by public and nonpublic programs. Where properties held by nonpublic programs are included, information should be on a GAAP basis where feasible without undue effort or expense.

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Table VI. Acquisitions of Properties by Programs
Instructions:

1. Include the following table only in Part II of the registration statement.

2. Include all properties acquired by any prior programs with similar investment objectives in the most recent three years.

3. Sponsors with a "public track record” should only include information relating to public programs. If the sponsor does not have a "public track record," then information should be given about properties acquired by public and nonpublic programs.

Program X

Name, location, type of property
Gross leasable space (sq. ft.) or number of units and total square feet of units
Date of purchase
Mortgage financing at date of purchase
Cash down payment
Contract purchase price plus acquisition fee
Other cash expenditures expensed
Other cash expenditures capitalized
Total acquisition cost

'Note if sales of properties are to related parties.

?Indicate in a note that the amounts shown are face amounts and do not represent discounted current value. In addition, describe the terms of purchase money mortgages taken by the partnership, including the interest rate, any balloon payment requirements and other special provisions. Also, describe those sales made with a leaseback or any other guarantees which require continued seller involvement.

'Include an explanation of any GAAP adjustments. *Note the allocation of the taxable gain between ordinary and capital, and identify those sales that are being reported for tax purposes on the installment basis. 'Identify real estate commissions carried but not taken. Indicate that the amounts shown do not include pro rata share of original offering costs.

Do not include amounts otherwise included under “Selling Price, Net of Closing Costs and GAAP Adjustments” or “Cost of Properties including Closing and Soft Costs.” Costs incurred in the administration of the partnership not related to the operation of properties need not be included if so indicated in a note to the Table.

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Disclosures Concerning Unpaid Claims and Claim Adjustment Expenses of Property.Casualty Insurance Underwriters

1. General Instructions:

Guide 6. The Guide applies to the description of business portions of registration statements of companies with propertycasualty ("'P/C'') insurance reserves for which financial statements are required.

The information should be furnished if reserves for unpaid P/C claims and claim adjustment expenses of the registrant and its consolidates subsidiaries, its unconsolidated subsidiaries and its 50%-or-less-owned equity basis investees, taken in the aggregate after intercompany eliminations, exceed one-half of the common stockholder's equity of the registrant and its consolidated subsidiaries as of the beginning of the latest fiscal year. For purposes of this test, only the proportionate share of the registrant and its other subsidiaries in the unpaid claims and claim adjustment expenses of 50%-or-less-owned equity basis investees shall be taken into account.

Information should be presented separately for (a) the registrant and its consolidated subsidiaries, (b) unconsolidated subsidiaries and (c) 50%-or-less-owned equity investees. If ending reserves in category (a), (b), or the proportionate share of the registrant and its other subsidiaries in (c) above are less than 5% of the total ending reserves in (a), (b), and the proportionate share in (c), the information called for by Instruction 2B with respect to that category may be omitted.

Information furnished in accordance with this Guide should generally be presented in the form appearing below. However, an alternative presentation, such as inclusion of the information in Management's Discussion and Analysis, may be used if in management's opinion such presentation would be more meaningful to investors.

Except where noted, the information furnished pursuant to this Guide shall be for the latest annual period for which financial statements are required. However, information for any additional interim periods should be provided to the extent necessary to keep the annual information from being misleading, such as where a material change in the information presented or the trend evidenced thereby has occurred.

2. Description of the Business A. Discussion Topics

The following should be among the matters discussed in the description of business. (1) The nature of current year adjustments to loss reserves recorded in prior years.

(2) Reinsurance transactions (including "swaps" of reserves, portfolio loss transfers, etc.) which have a material effect on earnings or reserves.

(3) Significant reserving assumptions and recent changes therein.
(4) The nature of recent changes in the terms under which reinsurance is ceded to other insurers.

(5) Changes in the mix of business, including but not limited to changes in the location of business, geographic mix, and types of risks assumed.

(6) Changes in payment patterns due to portfolio loss transfers, structured settlements and other transactions and circumstances.

(7) Unusually large losses or gains.

(8) The effect of currency fluctuations. B. Disclosures

The following (all presented in accordance with generally accepted accounting principles) should be among the itenis included in the description of business.

(1) Reconciliation of claims reserves.

An analysis of changes in aggregate reserves for property casualty insurance claims and claim adjustment expenses for each of the latest three one-year periods in the following tabular format:

(a) Amount of reserves for unpaid claims and claim adjustment expenses at the beginning of each year.
(b) Incurred claims and claim adjustment expenses:
(i) Provision for insured events of the current year
(ii) Increases (decrease) in provision for insured events of prior years
Total incurred claims and claim adjustment expenses
(c) Payments
(i) Claims and claim adjustment expenses attributable to insured events of the current year
(ii) Claims and claim adjustment expenses attributable to insured events of prior years
(d) Other (provide an explanation of each material item)
(e) Amount of reserves for unpaid claims and claim adjustment expenses at the end of each year.

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(2) Loss reserve development A table that presents

(a) Amounts of reserves for unpaid claims and claim adjustment expenses as of the end of each of the ten years prior to the latest fiscal year.

(b) The cumulative amount paid as of the end of each succeeding year with respect to each of the reserve amounts presented in response to (a) above.

(c) The retroactively reestimated liability for unpaid claims and claim adjustment expenses as of the end of each succeeding year with respect to each of the reserve amounts presented in response to (a) above.

(d) The difference between the latest reestimated liability presented in response to (c) with respect to each of the year-ends reflected in (a) above and the liabilities set forth in (a).

The amounts presented in (b), (c), and (d) above may be in dollars or expressed as a percentage of the amounts in (a).

The registrant should include an explanation of the data which will disclose the effects of unusual circumstances, for example changes in reinsurance agreements, which might distort the data.

(3) If the registrant makes explicit provision for the effects of inflation or for the combined effects of a number of factors (including inflation) that are expected to cause future changes in claims severities, describe briefly registrant's method of estimating the amount of that provision. An explicit provision is one in which the reserving system requires the estimation of a separate provision for inflation. The rates may be generated by the system or obtained from other appropriate sources. If the registrant makes implicit provision for the effects of inflation or for the combined effects of a number of factors (including inflation) that are expected to cause future changes in claims severities describe the circumstances on which management relies in concluding that the implicit provision is adequate. Provisions for inslation for this purpose may be taken to mean provision for any change in average claim severities if this permits more meaningful disclosure.

(4) State the amount of the difference, if any, between GAAP basis P/C reserves for claims and claim adjustment expenses for each of the groups mentioned in the next to last paragraph of Item 1 of this Guide and statutory P/C reserves for claims and claim adjustment expenses in total for each of those groups. Explain briefly the nature and amount of principal differences.

(5) State the amount (estimated if necessary) by which GAAP basis claim reserves have been discounted. State also the effect (estimated if necessary) on pre-tax income (loss) of discounts accrued and the effect of discounts amortized. Describe briefly the principal types of business for which reserves are discounted.

EXCHANGE ACT INDUSTRY GUIDES

Disclosure by Electric and Gas Utilities

Guide 1. 1. Disclosure of Principal Sources of Electric and Gas Revenues — In registration statements filed on Form 10 or reports filed on Form 10-K by electric or gas utilities, the principal classes of service from which electric or gas revenues are derived should be furnished.

2. In registration statements filed on Form 10, reports on Form 10-K or annual reports to security holders pursuant to Rule 14a-3 where, during the reporting period, equity securities have been issued and sold at a price below underlying book value per share, describe, where material, the extent, causes and effects, if any, on the registrant's business including its future financing plans or capabilities, and pending construction projects, resulting from such issuance(s).

Disclosure of Oil and Gas Operations

Guide 2. [The text of this Guide is the same as Securities Act Industry Guide 2 which is reproduced at (12,011. CCH.]

Statistical Disclosure by Bank Holding Companies

Guide 3. This Guide applies to the description of business portion of bank holding company registration statements filed on Form 10 (Item 1) (17 CFR 249.210), in proxy and information statements relating to mergers, consolidations, acquisitions and similar matters (Item 14 of Schedule 14A and Item 1 of Schedule 14C) (17 CFR 240.14a-101 and 240.14c-101), and in reports filed on Form 10-K (Item 1) (17 CFR 249.310).

(The balance of Guide 3 is identical to Securities Act Industry Guide 3 which is reproduced at $12,021. CCH.)

Disclosures Concerning Unpaid Claims and Claim Adjustment Expenses of Property Casualty Underwriters

Guide 4. The Guide applies to the description of business portion of registration statements filed on Form 10 (Item 1) [17 CFR 249.210), in proxy and information statements relating to mergers, consolidations, acquisitions, and similar matters (Item 14 of Schedule 14A and Item 1 of Schedule 14C) (17 CFR 240.14a-101 and 240.14c-101], and in reports filed on Form 10-K (Item 1) (17 CFR 249.310).

(The balance of the Guide is identical to Securities Act Industry Guide 6.]

☆ U.S. GOVERNMENT PAINTING OFFICE: 1988– 2 4 2 - 5 4 31 9 5 2 0 3

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