- At the November 2014 National Association of Insurance Commissioners (NAIC) meeting, the Executive Committee is expected to formally adopt the Corporate Governance Annual Disclosure Model Act and the Corporate Governance Annual Disclosure Model Regulation (collectively “the Act”). The Act will require insurers of all sizes to make an annual filing with the lead state Insurance Commissioner which discloses the insurer’s corporate governance structure, policies and practices.
- In June 2013, the Financial Accounting Standards Board (FASB) issued its Exposure Draft on Insurance Contracts. Feedback from respondents was overwhelmingly in support of retaining the current guidance for recognition and measurement for short-duration contracts existing in US Generally Accepted Accounting Principles (GAAP). However, financial statement users commented that expanded disclosures about the liability for unpaid claims and claim adjustment expenses would increase the transparency of significant estimates and provide insight into the ability of the insurance entity to underwrite and anticipate claims.
- This article looks at three strategic tax moves dealers might want to make before the end of the year: timing income and expenses, planning inventory carefully, and reviewing repair and maintenance expenses in light of recent IRS regulations. It also lists three main tasks a salesperson should accomplish during the critical first hour they work with a customer.
- It has been nearly two decades since the first vehicle powered by a hybrid gas-electric engine, the Toyota Prius, was introduced. The other major car manufacturers soon followed with their own hybrids and alternative fuel vehicles. This led some to predict that sales of vehicles powered by electricity, natural gas, hydrogen and other alternative fuels would soon overtake sales of traditional gasoline-powered vehicles. But so far, sales of green vehicles have yet to take off in the United States. This article discusses why this may be so, but looks at a number of factors indicating that green vehicles will become more, not less, common in the years to come.
- Family-owned businesses, including auto dealerships, have always been an integral part of the American dream. Successful dealer-owners use the pluses of a family-owned business to their advantage while overcoming the hurdles that come with running one. This article discusses those hurdles, such as potentially difficult relationships among family members and between family and nonfamily employees. Compensation and succession are two issues in particular that need to be addressed.
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