@dsyhome0510 , please this link -- it covers reporting requirements of financial assets for FBAR (FINCEN form 114) and FATCA ( form 8938)-->https://www.irs.gov/businesses/comparison-of-form-8938-and-fbar-requirements
1. there is no tax implications for reporting the assets -- this is not income, even if the value is going up from year to year. Only when you take a distribution then there will/ may be a tax consequence. Note that foreign insurance companies are not considered "regulated / qualified", although I would think unless you had this before you became a US person, a company like AIA is probably quite familiar with FBAR / FATCA requirments
2. Even if you have missed filing the form 114 before, don't worry just go ahead and visit www.Fincen.gov, and look for reporting FBAR and it will take you to BSA-efile -- you enter your details there and most of the time it allows for filing missing reports. If not do it for at least 2020 and 2021 and then hold still. If there is questions, just tell them the facts -- that you were unaware of if this had to be reported. Do this ASAP. see --https://bsaefiling.fincen.treas.gov/Benefits.html and the button "File FBAR"
3. currently you do not meet the requirements of having to file form 8938 -- this is filed with your yearly return.
is there more I can do for you ?
pk
