While the rollout of New York’s cybersecurity regulations is well underway, September 4, 2018, marked the eighteen-month transitional deadline, and now all sections of part 500 of the regulation are effective. The timeline for compliance with the New York regulation is based on the following schedule:
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.
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.
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.
Final approval of the Tax Cuts and Jobs Act occurred as predicted in December 2017. A key component of the new tax rules include the elimination after 2018 of the individual taxpayer mandate that imposed a penalty on taxpayers that do not purchase insurance under the requirements of the Affordable Care Act (“ACA” or “Obamacare”).
On February 1, 2017 the Insurance Entities Revenue Recognition Task Force (of which JLK Rosenberger is a member) issued “Working Draft: Accounting for Third Party Extended Warranty Contracts (Applicable to Non-Insurance Entities) – Revenue Recognition Implementation Issue #9-3 – Accounting for third-party extended service warranty contracts within the scope of FASB ASC 606.
The NAIC Investment Risk-Based Capital Working Group (IRBC-WG), in conjunction with the American Academy of Actuaries, has been carefully waging a proposal to assess the current RBC levels to expand the detail levels of the current NAIC RBC C-1 assessment … Continued
Effective January 1, 2017 the long-awaited Principle-Based Reserving rules, or PBR, became a reality. PBR had its birth in 2009 with the National Association of Insurance Commissioners (NAIC) adoption of the Standard Valuation Law (SVL), which subsequently developed the Valuation Manual.
ASU 2015-09 is about enhanced disclosure, and while it lays out certain requirements for presentation and provides examples of what the disclosure might look like, it also leaves a high degree of discretion to insurers to determine how and what information best meets with the spirit and intent of the standard. By now you know ASU 2015-09 requires disclosure of development data for short duration contracts.