We summarize new and revised statutory accounting standards for 2022 and 2023 financial reporting by insurers. We summarize new and revised statutory accounting standards for financial reporting by insurers in 2024, 2025 and thereafter. We summarize new and revised statutory accounting standards for 2024 and 2025 financial reporting by insurers. Additionally, insurance companies are tasked with ongoing reporting duties that may include disclosures about risk exposure, claims reserves, and underwriting practices.
- Advanced software systems can automate data collection, streamline reporting processes, and ensure accuracy, which is essential for meeting regulatory standards.
- This may involve working with their IT teams to evaluate and implement software solutions.
- These provide for revisions to the calculations for BSCR, including a new category of man-made catastrophes, and reforms to the scenario-based approach and other technical provisions, among others.
- It is essential for insurance companies to prioritize these obligations to maintain both legal standing and public confidence.
- In the insurance industry, statutory reporting teams play a crucial role in conveying an insurance company’s ability to pay customers’ claims.
- The NCCI Examination Report is a comprehensive examination of the data collection and rate-making activities of the National Council on Compensation Insurance.
Future Trends in Statutory Reporting Obligations
We also use different external services like Google Webfonts, Google Maps, and external Video providers. Since these providers may collect personal data like your IP address we allow you to block them here. Please be aware that this might heavily reduce the functionality and appearance of our site.
Glossary of Insurance Terms
It coordinates the regulatory and supervisory activities of the various states and serves as a forum for the creation of statutory rules and models. In the United States, the Statements of Statutory Accounting Principles (SSAP) are certain accounting standards developed for regulatory purposes. NAIC reporting includes various statements, known as schedules, such as Schedule D and Schedule BA, and appendices, known as exhibits. Utilizing digital platforms for real-time data sharing and reporting simplifies the compliance process while reducing errors.
Post-Disaster Claims Guide
We report on actions and discussions on conference calls and at the NAIC 2025 Summer meeting. We report on actions and discussions on conference calls and at the NAIC 2025 Spring meeting. Receive the latest financial reporting and accounting updates with our newsletters and more delivered to your inbox. We report on actions and discussions on conference calls, and at the NAIC 2024 Summer meeting. We report on actions and discussions on conference calls, and at the NAIC 2024 Spring meeting. We report on actions and discussions on conference calls and at the NAIC 2024 Fall meeting.
Insurance Regulatory Reporting in the USA with SAP TRM / FAM
By analyzing large datasets, insurers can identify trends and gain insights that improve their compliance statutory reporting strategies. This proactive approach tends to result in improved accuracy in reporting, ensuring adherence to regulatory requirements. Failing to meet statutory reporting obligations in the insurance industry can lead to significant legal penalties.
Purposes and Procedures Manual of the NAIC Investment Analysis Office
Form 2 focuses on the developing level of funds from the issue age premium basis and compares this to the active life reserve. Form 4 tracks life insurance and annuity products that have long-term care benefits provided by acceleration of certain benefits within these products. We summarize new and revised statutory accounting standards for financial reporting by insurers in 2025, 2026 and thereafter. KPMG summarizes new and revised statutory accounting standards for 2021 and 2022 financial reporting by insurers.
This guide helps insurers comply with state regulatory requirements regarding annual audited financial reports and related correspondence. assets = liabilities + equity It summarizes key provisions of each state’s requirements based on the Annual Financial Reporting Model Regulation (MDL-205), commonly known as the Model Audit Rule. A detailed chart includes statutory citations, filing deadlines, workpaper requirements, audit committee requirements and much more. In the U.S., insurance companies must report their assets and liabilities to the National Association of Insurance Commissioners (NAIC), the regulatory agency.
- Reputational damage arises when an insurance company fails to meet its statutory reporting obligations, leading to public distrust and criticism.
- Comparative reports include a variety of information – including number of departmental staff, annual budgets, revenues collected, premium volume, number of insurers and producers, and number of consumer complaints filed.
- The Director’s name and principal position or occupation shall be provided on the exhibit.
- Regulatory agencies often publish the names of non-compliant organizations, which can further damage a company’s public image.
- Gain Compliance was selected as IASA’s “Solution Provider of the Year” in recognition of Gain’s transformative software solution for Statutory Financial Reporting.
This publication is the primary source for insurers to comply with the NAIC’s reporting requirements. Contains the NAIC’s credit assessment methodologies and valuation policies, and takes precedence over other publications covering a number of categories. Subscription includes periodic e-mail alerts directly from the Capital Markets & Investment Analysis Office. Provides detailed demographic information on more than 5,000 Property, Life and Fraternal, Health, and Title insurers, as well as more than 17,000 offshore alien insurers and reinsurers included in the NAIC database. The product is a zipped file of individual reports in comma-separated values format. Each report includes a record layout to assist with downloading the files for use in a spreadsheet or database.
Financial Condition Examiners Handbook
- When evaluating software solutions, it is important to involve the IT team to ensure that any technology adopted meets the company’s security requirements and can integrate with existing programs.
- These obligations typically include both financial reporting and adherence to oversight from various regulatory authorities.
- The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
- This report contains the latest available data drawn from Medicare Supplement Insurance Expense Exhibits filed with the NAIC.
- The white paper also highlights legal restrictions that may prohibit home-sharing in some areas and describes the type of coverage available by the largest home-sharing companies currently operating in the U.S.
- Understanding these industry regulations is vital for ensuring that statutory reporting obligations are met effectively.
Statutory Accounting Principles are designed to 1) ensure consistent reporting among insurers, and 2) assist state insurance departments in the regulation of insurance companies. Therefore, the regulator’s ability to effectively determine relative financial condition using financial statements is of paramount importance to the protection of policyholders. SAP was Liability Accounts initially established utilizing the Financial Accounting Standards (FAS) framework under U.S. GAAP is typically more focused on providing decision-useful information to investors (e.g., income statement).