- 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.
- GWG Life chose Baker Tilly as their new financial statement auditor based on specialized accounting and audit expertise. The company has also worked with Baker Tilly to meet their tax and Sarbanes-Oxley (SOX) internal control needs.
- Understand the framework underlying a SOC 2 report and learn what principles your organization should have examined.
- From The Tax Advisor: Captive insurance is insurance or reinsurance provided by a company that is formed primarily to cover the assets and risks of its parent company or companies.
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