Financial Reporting
Reserve Valuation.
We have the experience and necessary procedures to serve our clients during what can be chaotic times, such as year-end financial statement preparation, reserve audits, and filing documents. Our process includes conducting a complete review of the reserve figures included in Exhibits 5 and 7, and an abbreviated review of Exhibit 8 to ensure proper reporting and prepare any adjustment figures required.
This process includes the following activities:
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Review of reserve factor tables and reports being used.
Review of summary reserves for Traditional Life. Aggregate audits of the increase (including roll forwards) in the accumulation values for Deferred Annuities and Universal Life products as well as Refund Accumulation accounts. Review of trends of relevant factors for all reserve items. Review Supplementary Contracts in force and reserves. Calculate Waiver of Premium – Disability reserve and Payor Death Benefit reserve. |
Calculate Non-Deduction reserve and Deficiency reserve.
Review reserve factors on new plans and additional plans not reviewed since the last review date. Review of Reinsurance Ceded reserves; Review of Incurred But Not Reported Claims Liability. Review of other liability items such as the Provision for Refunds Liability and the Advance Premium Liability. IMR/AVR determinations. |
Quarterly Reserve Valuation.
Assistance with quarterly (monthly) financial reporting and quarterly statement preparation can be provided. Specifically, Exhibit 5, 7, and 8 liabilities will be calculated and reported to your Society. Additionally, AVR and IMR calculations will be provided as well. This information can typically be provided within 2-3 business days following the receipt of the necessary data.
Complete Annual/Quarterly NAIC Financial Statement Preparation.
We have the capabilities to provide full annual statement and quarterly statement preparation including submission services to the NAIC and applicable state departments. These services can be all-encompassing inclusive of full NAIC correspondence or can be provided on an ad hoc basis and customized to your needs.
