Professionals with years of experience in the insurance industry consisting of tenures at insurance companies, insurance departments, and the NAIC.
For many start-up companies, small and mid-size insurers, attracting and retaining individuals with statutory accounting and reporting experience and the knowledge and experience to prepare and file your statutory reports is difficult. Budget, geography, the prevailing labor market and other factors can make it difficult to find the right fit. Millennium Consulting can assist in this area with our experienced professionals that provide both the knowledge and experience needed to fulfill your regulatory reporting requirements.
Millennium Consulting professionals have years of experience in the insurance industry consisting of tenures at insurance companies, insurance departments, and at the NAIC. Each consultant has extensive practical experience in preparing and filing statutory reports including the annual and quarterly statements and supplemental filings including the risk-based capital report. We also have extensive contacts at the various departments of insurance and can provide you with regulatory assistance when needed.
Statutory Statement Outsourcing Service
Our Statutory Statement Outsourcing Service provides your company with the ability to outsource the preparation and filing of your company's statutory filings. Our professional staff of statutory accountants have extensive practical experience in preparing and filing the annual and quarterly statements for Life, Property/Casualty, Health, Risk Retention Groups, and Captive insurers.
With our Statutory Statement Outsourcing Service, we will prepare and electronically file your Company's annual and quarterly statutory statement and NAIC supplemental filings with your domiciliary state and the NAIC. Specifically, we will provide the Company with the following services:
- Identify and prepare all journal entries to convert from GAAP Trial Balance to Statutory (STAT) Trial Balance, including all GAAP to STAT adjusting entries
- Prepare the NAIC Annual Statement, including all NAIC Supplemental Filings for filing
- Serve as the NAIC "annual statement contact person"
- Prepare responses to any regulatory letters
- Work with the Company's independent audit firm in preparing the Statutory Audit Report
- Provide statutory accounting and reporting support to staff members as needed
We do all this at a cost that is affordable for any size insurer. For a quote, send your contact information and a PDF copy of your most recent annual and quarterly statement to email@example.com.
Investment Outsourcing Service
Our Investment Outsourcing Service provides for the maintenance of your company's investment portfolio for statutory accounting and reporting. Investment software for statutory reporting can be quite expensive. However, our Investment Outsourcing Service provides your company with a far less costly alternative. We have partnered with one of the leading statutory investment software vendors and can provide your Company with the following services:
- Input all your Company's acquisitions and dispositions of all Schedule D investment data into statutory statement investment software
- Maintain your Company's investment transactions on a monthly basis utilizing the Schedule D Management investment software
- Prepare monthly investment transaction reports including the appropriate journal entries
- Prepare the statutory investment schedules necessary for the quarterly and annual statutory statements
- Calculate statutory amortization as needed
- Make all investment filings to the NAIC's SVO that may be required
Our investment software leases for far less than other investment packages, and even with our consulting fee, you will pay less than what you currently pay for annual investment software leasing costs. For a quote, send your contact information and a PDF copy of your most recent annual and quarterly statement to firstname.lastname@example.org.
For more information about Millennium Consulting's Investment Outsourcing Services, call us at 919.569.6762 or email us at email@example.com.