Strategic Consulting
- Preparing feasibility studies and financial projections for new insurance entities, expansion filings, projected capital structures, reinsurance structures, benefit provisions of policies
- Drafting of policy documents for insurance companies (teaming with legal counsel)
- Rate filings and analysis (working with actuarial consulting teams)
- Evaluation of sensitivity impacts from coverage changes, coverage expansion and contraction, policy enhancements modeling
- Evaluation of Board structure, committee structures, operating structures and system integrations and design for insurance companies
- Regulatory consulting, such as dividend planning, surplus note structuring, dissolutions, business plan changes and working with state departments of insurance for an efficient request/approval process
- Preparing budgets and projection modeling
- Developing and assisting the board with business plan updates
- HR and employee consulting (compensation plans, structures, equity awards, etc.)
- Technology structure planning (participating in strategic IT planning)
- Domicile selection (new companies) and expansion filings (existing company)
- Model Audit Rule implementation and monitoring/testing (internal audit outsourcing)
- Own solvency report assistance
- Equity and debt raise consulting (through our capital markets group)
- Vendor management (selection, contracting, evaluation, rating and monitoring documentation for key vendors utilized)
Statutory Accounting and Consulting
- Outsourced accounting and CFO roles for insurance companies
- Outsourced service providers (and captive managers) encompassing underwriting, claims, board meeting and governance guidance, development of insurance operating systems, and premium taxes, among others
- Application of statutory and U.S. GAAP standards to operational transactions for compliance with the related SSAP requirements
- Regulatory consulting, including Form A and Form D filings
- Preparation of quarterly and annual statement filings and schedules, including RBC, supplemental interrogatories and other filings
- Outsourced controllership services (general ledger accounting and monthly closing of ledgers)
- 1099 preparation and filing
- Assistance with modeling RBC factors and projections
- SSAP 101 deferred tax and tax provision calculations and footnote preparation
- External audits, internal audits, process and operational audits
- Claims audits (for health insurers) for compliance and accuracy of claims processing
- Performance of SOC 1 and SOC 2 audits for ASC/ASO and other TPA work performed by carriers and MGAs
Captive Management Services
- Advising captives on formation, feasibility, domicile selection
- Consulting and structuring reinsurance coverages and transactions
- Assisting reinsurance brokers on structure/pricing discussions
- Statutory filings
- Tax structures (including RRRG’s, RRG’s, Group and Association Captive structures, mutual structures, 831(a) and 831(b) structures, among others)
- Total outsourcing of captive back-office functions
Regulatory Compliance
- Filing of required filings with the Department of Insurance (multiple states) and the NAIC
- Assistance with filing structure and routines and calendars
- Outsourced regulatory filing services:
- Schedule A
- Schedule D
- RBC
- Statutory deposit filings
- Annual/quarterly statements
- Insurance interrogatories
- Reinsurance interrogatories
- All tax filings (Federal and State)
- Expansion filings
- Rate filings (with actuarial assistance)
- Policy form filings (use and file, other methods)
- SERF experience
Training and Education
- New Board member education training (insurance basics, advanced planning training)
- Board member selection and governance training
- Training new staff on basic to advanced statutory accounting topics
- Regulatory training for team members
- Tax training (federal, state and premium taxes)
- Compliance training
Technology
- Systems review
- Systems structure (cloud/server structure)
- Networking
- Security review and assessments
- Penetration testing
- Ledger selection assistance (general ledger packages for insurance)
- System implementation assistance
- Programming and system report testing
- Outsourced CIO services
- Information systems life cycle planning and structuring
- Help desk services, help desk and ticketing systems
- Systems development (we have led several software selection/implementations and roll-out projects for insurers of various sizes)
