Fraud is an unwelcome reality of doing business for every company regardless of size. Losses due to employee theft, vendor deception and other illegal behaviors not only harm the company but have an impact on the product pricing. While fraud is an issue for every industry, insurance companies are in the unique position of having to manage fraud threats not only from employees and vendors but also customers.
JLK Rosenberger is pleased to announce that Shaukat Badani has joined the firm as an insurance operations consultant. He will be a part of the firm’s insurance practice helping insurers identify opportunities in their business to achieve better underwriting and claims results and improve their bottom line.
Technology has changed virtually every aspect of our lives including how we submit, review, process and consume information. You see it in everyday situations from the grocery store with fully automated cashiers to the airport where a passenger can check in, upgrade their seat, pay for additional services or obtain a digital copy of their boarding pass. The changes are everywhere, and the insurance industry is no different.
Do you report any Subsidiary, Controlled, and Affiliated (SCA) Investments on Schedule D, Part 6, Section 1, but have not been submitting separate Sub 1 and/or Sub 2 filings? If so, you may receive an email from your financial analyst stating that NAIC SCA team has identified some SCA investments reported but not filed for valuation review.
When it comes to Enterprise Risk Management (ERM), many believe the effort needed to gain buy-in, implement and manage, outweigh the potential benefits. While it can be challenging, the benefits to the organization are substantial and continue to grow as the program is refined and optimized. Perception is often reality, and there are several misconceptions about ERM that tend to dissuade insurance companies from considering this increasingly important management strategy.
An audit is often viewed as a compliance exercise that doesn’t offer much value to management other than satisfying a reporting requirement. A proper audit process is often described as one that was completed on time and with few surprises. A bad audit process breeds the mentality that the audit is to be tolerated, endured and celebrated when finally finished.
Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income Reading time: 1 minute 5 seconds On December 22, 2017, the Tax Cuts and Jobs Act was enacted, reducing the federal income tax … Continued
When it comes to life, business or sports the formula for success includes minimizing risk. Identifying, managing and resolving risk is essential whether selecting a career, investing in a business opportunity or choosing a new business partner. The same applies to managing risk at an insurance company.
Financial reporting for insurance companies can often be complex and confusing. In 2017, the NAIC continued making changes to statutory accounting principles.
As a California insurer, knowing what your producers charge policyholders, particularly in an agency relationship, can be critical to avoiding penalties for underreported premium tax. To help insurers avoid this mistake, JLK Rosenberger has provided explanation and guidance below.