In this section, we provide insights through articles and webinars on issues relevant to the industries we serve. Explore this section for recent articles by clicking the Technical Resources tab or for topical recordings by clicking the Webinar Tab.
The NAIC and interested parties convened in Philadelphia in early August for the NAIC’s Summer Meeting. The Summer Meeting coincided with the 230th anniversary of the Constitutional Convention, which was held in Philadelphia’s Independence Hall throughout the summer of 1787. Six blocks from the site where George Washington, Benjamin Franklin, and their fellow delegates once debated separation of powers, insurance regulators debated cybersecurity.
The cybersecurity threats posed to electronic data are ever growing. Cybercriminals can cause significant losses for regulated entities as well as consumers whose private information may be exposed. Insurance companies and other organizations regulated by the New York State Department of Financial Services (NYDFS) are subject to Cybersecurity regulations (23 NYCRR 500 Cybersecurity Requirements for Financial Services Companies) as of March 1, 2017. This regulation is the first of its kind.
Our first article focused on the reasons to love internal controls.
If your government entity enters into lease agreements, know that the Governmental Accounting Standards Board (GASB) recently issued a new lease standard. Today’s operating and capital lease designations are replaced with a single, uniform lease accounting approach, with a few exceptions. The following is an overview of the standard:
If your investment portfolio includes certain callable debt securities held at a premium, take notice! A change is coming to your investment accounting procedures. The FASB issued guidance that requires updates to the amortization parameters for certain callable debt securities purchased at a premium.
After months of anticipation, the United States Tax Court has ruled in favor of the IRS in the case against Benyamin and Orna Avrahami. While the outcome is certainly disappointing to many in the captive insurance industry, it is likely not a surprise as the case turns on the fundamental concepts that might define “insurance,” if ever a true definition might be penned.
The responsibility for assessing whether a not-for-profit's ability to continue operations has shifted from the auditor to management. Click HERE for a detailed overview of the changes and how it may impact your organization.
Florida's insurance industry was relieved when Senate Bill 378 (SB 378) did not pass and was indefinitely postponed and withdrawn from consideration during a three-day Special Leglislative Session in June.
The NAIC’s Statutory Accounting Principles Working Group met March 16, 2017 by conference call and again on April 8, 2017 in Denver for the Annual Spring Meeting. HERE are eight revisions to the Accounting Practices and Procedures Manual you should know about before Memorial Day.
If you have any questions regarding the activities of the NAIC, please contact us.
A corporation is required to pay quarterly federal tax installments if the expected liability for the year is $500 or more. These installments are due on the 15th day of the 4th, 6th, 9th and 12th months of the corporation’s tax year, and must be processed using the Electronic Federal Tax Payment System established by the Internal Revenue Service (IRS). If payments are not made timely, or if a corporation does not pay enough for each quarter, penalties and interest can be assessed.
This webinar provides insight into current and future challenges and opportunities facing the insurance industry.
The Florida Senate passed legislation to repeal the Florida insurance salary tax credit (tax credit), which was designed to attract and retain insurance businesses and jobs in Florida. The tax credit provides relief against insurance premium taxes and fees for up to 15% of the salary of employees of the insurer who meet certain criteria.
More than two years after it began its project, the AICPA Auditing Standards Board (ASB) issued Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA.
Although it intended to simplify and clarify investment disclosures and create more consistent application across entities, the FASB caused some unintended confusion when it issued the following Accounting Standards Updates (ASU):