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’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):
The implementation date for the newly required loss disclosures for insurance company GAAP financial statements (ASU 2015-09) is fast approaching for non-public companies. However, we have been in a holding pattern wondering if statutory filers would be required to include these loss disclosures in the statutory basis audited financial statements.
In December we shared information regarding Proposed Changes to Master Trust Reporting and the implications to employee benefit plans (EBP) that invest in master trusts. The proposal was adopted and the final ASU 2017-06, Employee Benefit Plan Master Trust Reporting has been released.
As the National Collegiate Athletic Association's (NCAA) March Madness tournament was all the buzz earlier this month, one North Carolina State Representative raised some interesting questions surrounding lobbying activities of 501(c)(3) organizations.
Unrelated business income can be a complicated and intimidating topic, but it doesn't have to be. This session will discuss what makes an income stream "unrelated", best practice for identifying unrelated business income, and will provide a walk-through and commentary on common transactions.
Plan documents are often complex, legal documents that can be hundreds of pages. This makes it hard for the average user to understand basic plan provisions. In this session, we will walk through the key provisions of a plan document to help you avoid errors in your plan policies and procedures. This session will also cover correction methods offered under the Employee Plans Compliance Resolution System (EPCRS) to correct plan failures.
In our first article, we discussed the reasons to love internal controls and indicated that many organizations use the core components of the framework developed by The Committee of Sponsoring Organizations of the Treadway Commission (COSO) when developing and implementing internal controls (ICs) that are right sized to them. In this article, we’ll focus on the first of the five components.
Claims development schedules can be challenging to review and understand because they often contain multiple triangles of information. However, reviewing this information gives you an understanding of the premiums charged by accident year in relation to the total claim costs (incurred losses) associated with insuring those premiums. This information can be useful in setting policy rates and identifying trends associated with claims costs, such as increases in medical costs for workers’ compensation or health programs and replacement value cost for proper
As we move past the election and into the 2017 tax filing season, it is important for organizations to begin planning their Form 1120-POL, U.S. Income Tax Return for Certain Political Organizations filings. Organizations are required to file Form 1120-POL if they make political contributions and political organizations are required to file Form 1120-POL if they earn more than $100 of non-exempt function income. In most cases, this non-exempt function income is investment income.
Join us for an in-depth dive into ASU 2015-09, Disclosures about Short-Duration Contracts. The session will cover:
- New loss disclosure requirements
- Purposes and details behind the disclosures
- Implementation issues