Understanding Financial Statement Filing: A Step-by-Step Guide

Voya STATUTORY STATEMENTS

Share This Post

Financial Statement Filing & Step-Through Guide

In the world of insurance, statutory filings play a crucial role in ensuring compliance with regulatory requirements. This guide provides insights into the process of financial statement filing, emphasizing the importance of accuracy and timeliness.

Statement Filing

NAIC Financial Data Repository:

The National Association of Insurance Commissioners (NAIC) maintains a Financial Data Repository that serves as a cornerstone for regulatory oversight. This database is updated annually, benefiting state insurance commissioners and insurance companies alike.

Participation in the Database:

  • The database supports the Insurance Regulatory Information System (IRIS) Financial Ratio Reports.
  • It aids in risk-based capital analysis and solvency-related reviews.
  • Preventing insolvencies and ensuring compliance with state guaranty fund laws.

Steps to Completing a Financial Statement Filing:

  1. Obtain an NAIC Company Code:

    • If your company lacks an NAIC Company code, obtain one by completing the Company Code Application.
    • For inquiries about cocodes, call us at: 816-783-8600.
  2. Use Approved Software:

  3. Transmit Your Filing:

  • Submit your filing electronically to NAIC via the Internet. Links for Internet Filing are provided for your convenience.

Reporting Procedures:

  • Explore valuable resources provided by the Blanks (E) Working Group, including revisions to Annual Statement Instructions and Blanks, filing guidance, and electronic filing directives.
  • Find additional NAIC Accounting and Reporting Resources, such as the Structured Securities Group, Reinsurance (E) Task Force, Capital Adequacy (E) Task Force, and Statutory Accounting Principles (SAP) (E) Working Group.
  • Stay updated with the latest developments through the Accounting Practices & Procedures (AP&P) Manual.

For insurance companies, compliance with statutory filings is not only a legal requirement but also a critical aspect of maintaining transparency and accountability in the industry. Ensure your filings are accurate, complete, and timely to fulfill your regulatory obligations effectively.

See a list of approved vendors "NIAC"

5/5 - (1 vote)

Subscribe To Our Newsletter

Get updates and learn from the best

Leave a Reply

Your email address will not be published. Required fields are marked *

More To Explore

Do You Want To More?

drop us a line and keep in touch

Index
small_c_popup.png

Learn how we helped 100 top brands gain success.

Let's have a chat