Insurance
Our team of knowledgeable insurance industry professionals works to provide companies with a better alternative for their accounting, tax and business consulting needs.
Most Popular Insights
Health insurer fees dominate discussions at the 2013 NAIC
spring meeting
Discussion about Ref #2011-38 and Fees payable to the Federal Government by Health Insurers monopolized more than half of the NAIC Annual Spring Meeting, held in Houston, April 6-9. We invite you to read our review of that discussion as well as other key issues discussed at the meeting by downloading our e-alert. The alert includes links to an exposure draft and other information.
Insurers should assess the impact of principles-based reserving now
The NAIC Executive/ Plenary Committee has approved a new Valuation Manual supporting a principles-based reserving approach to establishing insurance companies’ reserves.
NAIC 2012 Annual Fall Update
The NAIC 2012 Annual Fall Meeting was held from Nov. 29 to
Dec. 2. McGladrey's NAIC Update e-alert covers discussions of key issues addressed by various committees, working groups and task forces of the Financial Condition (E) Committee:
NAIC adopts revisions to Actuarial Guideline 38
On Sept. 12, 2012, the NAIC's Executive Committee and Plenary adopted revisions to Actuarial Guideline 38 (AG38), which sets forth reserve requirements for all universal life products that employ secondary guarantees. This adoption of AG38 ends many questions that had arisen since the original adoption of the application of the valuation of life insurance policies model regulation (Model 830) in 1999 and its application to new product designs.
New ORSA model law now goes to states for legislative adoption
The National Association of Insurance Commissioners (NAIC) voted to adopt its Risk Management and Own Risk Solvency Assessment (ORSA) Model Act via conference call vote on Sept. 12, 2012. This new model law now goes to the states for legislative adoption. If adopted, the ORSA filing will be required in 2015.
NAIC 2012 Annual Summer Update
The NAIC 2012 Annual Summer Meeting was held August 11-14 in Atlanta, GA. This bulletin summarizes information from the select committees, working groups and task forces of the Financial Condition (E) Committee that met during the meeting.
NAIC 2012 Spring Meeting Update
The NAIC 2012 Annual Spring Meeting was held March 3-6 in New Orleans. This bulletin summarizes information from the select committees, working groups and task forces of the Financial
Condition (E) Committee that met during the meeting.
Tailoring enterprise risk management strategies to the
Main-Street insurer
ERM advice for large multi-nationals will not meet the need of smaller insurers. They need ERM strategies appropriate for their size – and their risks.
NAIC 2011 Fall Meeting Update
The NAIC 2011 Annual Fall Meeting was held November 3-6 in Washington D.C. This bulletin summarizes information from the select committees, working groups and task forces of the Financial Condition (E) Committee that met during the meeting.
Principle-Based Reserving: Who, Why What When and How Much?
Chances are you understand the basics of principle-based reserving (PBR), but still feel your company is unprepared to implement impending changes. Listen to our recorded web event to gain insight on what you should be doing now to prepare.
Data protection for the insurance industry
Personally identifiable information is a popular target for criminals, as malicious breaches and cyber attacks are rapidly increasing. Find out how to implement proper controls to protect customer data, as well as your reputation and finances.
“Interesting Times” in the Insurance Industry
Insurance companies face daunting challenges, ranging from outdated IT systems and regulatory uncertainty to a new generation of consumers impervious to traditional marketing tactics. Yet adversity creates opportunity, and those companies able to address obstacles creatively will achieve unprecedented success. Here are four crucial issues facing insurers and suggestions for responding to them.
NAIC Update Spring 2011
The National Association of Insurance Commissioners (NAIC) 2011 Annual Spring Meeting was held March 26-29 in Austin, Texas. This bulletin summarizes information discussed by the various committees, working groups and task forces of the Financial Condition (E) Committee during the meeting.
Business Combinations: Insurance Statutory Accounting vs. GAAP
Financial Accounting Standards Board (FASB) Statement No. 141 (R), Business Combinations (SFAS 141R) has materially changed the accounting for business combinations under U.S. generally accepted accounting principles (GAAP). Therefore, this alters the differences you must consider when preparing both Statutory and GAAP financial statements and related reconciliations.
Contact Us
Our insurance practice was built on the foundation of providing a better alternative for growing insurance companies. Working with RSM McGladrey and McGladrey & Pullen, you’ll find we don’t just know the issues you face; we’ve analyzed them and understand their impact on your business. We can connect you with seasoned professionals who have the experience needed to turn knowledge into know-how.
For more information, please contact Managing Director Jim Greisch at jim.greisch@mcgladrey.com, or call 402.344.6104.
