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.
Author Archives: Matt Woodard, CPA, Partner
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
Financial reporting for insurance companies can often be complex and confusing. In 2017, the NAIC continued making changes to statutory accounting principles.
The tax law was signed on December 22, 2017. Many of the amendments are to take effect in 2018, but there are sections that take effect on the date the bill was signed. On January 10, 2018, the Statutory Accounting Principles (E) Working Group voted to approve the following non-substantive revisions to SSAP No. 101-Income Tax.
The insurance industry is changing at a rapid pace. The introduction of InsurTech innovations have made an impact on virtually every aspect of the insurance business – from sales, customer management, claims processing and even how companies collect policyholder information. The new technology is designed to streamline processes…
SSAP No. 65, Property and Casualty Contracts (SSAP 65), was revised to require additional and expanded disclosures for high-deductible contracts. The additional disclosures are to be made by line of business and include disclosures of gross reserves, amounts overdue, collateral and deductible amounts for the highest 10 high deductible policies gross of collateral.
Extension of Ninety-Day Rule for the Impact of Hurricane Harvey, Hurricane Irma and Hurricane Maria (INT 17-01): INT-17-01 grants a 60-day extension to the 90-day rule for those directly impacted by Hurricanes Harvey, Irma and Maria, not to extend beyond February 15, 2018.
As the holidays approach, JLK Rosenberger is taking a new perspective on a holiday classic – the Twelve Days of Christmas. Rather than filling your head with turtle doves and gold rings, we are going to instead focus on the latest changes to SSAP and how they will impact your insurance company in 2018 and beyond.
The continual development of technology in the business landscape is no surprise. Companies in multiple industries are taking advantage of the opportunity to deliver faster and more convenient service while reducing costs through digital innovation. As discussed in a previous blog post, the insurance industry is now following suit with new innovations designed to optimize the customer experience while finding opportunities for new services and increased revenue.