All licensed US insurers must file their annual statutory statement with the National Association of Insurance Commissioners (NAIC) no later than 12 p.m. on March 1.
This annual statement requires the focused work of multiple employees for many weeks throughout January and February—a huge undertaking that is both expensive and strenuous. This effort has been exacerbated over the last few years as insurance investment portfolios have diversified and expanded into more complex and alternative investments—each of which comes with unique statutory accounting requirements as well as distinct reporting schedules.
In order to avoid getting into hot water with regulators or auditors, insurers should try to minimize mistakes or reporting errors ahead of filing submission.
If like many insurers in 2023, you have exposure to private assets—private credit, derivatives and other investment vehicles outside of exchange-traded publicly listed instruments—you are likely dealing with new levels of complexity as you work to complete the quarterly and annual filing process.
To that end, SS&C’s statutory preparation and filing service experts have outlined four tips to help you reduce errors and inquiries related to your 2022 NAIC annual filing, and ensure a smoother audit process come June.