Invotex’s insurance professionals have a wealth of insurance regulatory knowledge and experience that benefits our insurance company clients. We can assist insurers with a wide variety of regulatory advisory services, including the following:
- Transaction analysis — assistance with proposed transaction design and documentation, and preparation or review of forecasts and projections in anticipation of meetings with regulators seeking prior approval (e.g. Form A filings).
- Investments — Review of proposed investment transactions or portfolio strategies and liaison with regulators and NAIC SVO staff to identify potential statutory accounting, valuation and compliance issues and propose resolution strategies.
- Business plan reviews, including RBC plans — When such plans are required by regulators we can assist in the development and assessment of scenarios and related assumptions, as well as the construction or review of the plan itself to better assure that regulatory expectations are met.
- Reinsurance — Assist in contract reviews to address regulatory compliance requirements, identify and proactively address potential issues before they can become the subject of regulatory examination findings, advise regarding statutory accounting and transfer of risk issues, addressing questions raised by regulatory analysts or examiners.
- Licensing — Serve as liaison with regulators throughout the filing process and participate in meetings with the company and regulators to address regulators’ questions and concerns.
- Regulatory financial examination preparation — As regulators are gearing up for the new risk-focused examination process, insurers will see many changes, which very likely could include requests by examiners at the outset to meet with the CEO and other top brass at the company. We have pioneered implementation of the approach for states, know well what insurers should and should not expect, and can help insurers proactively prepare for upcoming exams so as to make them as efficient as possible.
- Statutory accounting — As the NAIC continues its process to review GAAP changes for potential incorporation into the statutory codification framework, issues will certainly arise. Invotex can assist insurers in understanding the proposed accounting changes as well as in proactively seeking changes to proposals during the maintenance process.
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Managing Director Jim Stangroom and Director Tim Foley present on IFRS and practical and strategic implementation issues that are relevant to both insurers and insurance examiners and Managing Director Tom Finnell, along with Directors Jim Morris and Don Sirois, comprise a panel on lessons learned using the NAIC’s risk-focused examination approach, a continuation of our series of award-winning thought leadership as published in SOFE’s quarterly publication, The Examiner, at the Maryland Chapter, Society of Financial Examiners 2009 Career Development Seminar.
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