Membership accounting

{
  "id": "MLC-T-INS-002174",
  "term": "Membership accounting",
  "field": "Insurance and risk management",
  "definition": "The set of accounting principles and practices used to record and report the financial activities of a member-based organization, such as a mutual insurance company or a reciprocal insurance exchange. It involves tracking member contributions, calculating and allocating surplus or dividends, and maintaining individual member capital accounts. The financial statements for these entities must clearly disclose the nature of member equity and the methods used for its allocation.",
  "url": "https://mlchart.com/terminology/insurance/membership-accounting/"
}