Property & Casualty 2010 Compliance Conference. Using the “Filing Smart” Manual A Guide to Financial Program Filings and Property and Casualty Division.

Slides:



Advertisements
Similar presentations
Asia Pacific Tax Training (PwC)
Advertisements

Reserve Bank Of India To regulate the issue of bank notes. To maintain reserves with a view to securing monetary stability. To operate the credit & currency.
Property & Casualty 2008 Compliance Conference. Insurance Corporation and Licensing Activities/Transactions.
WELCOME TO THE INDUSTRIAL COMMISSION SELF-INSURANCE SEMINAR.
Acceptance Of Deposits.  “Deposit” includes any receipt of money: a) by way of deposit or a) loan or a) in any other form.
Overview of U.S. Solvency Framework David Vacca, CPA Assistant Director Insurance Analysis & Information Services NAIC Regulatory Services Division.
Corporation Created by law Legal entity
Insurance Corporation and Licensing Activities/Transactions.
Chapter 43 An Act Relative to Improving Accountability and Oversight of Education Collaboratives Presentation to Board of Elementary and Secondary Education.
Insurance and Pension Fund Operations
Copyright © 2011 Pearson Prentice Hall. All rights reserved. Chapter 8 Types of Insurers and Marketing Systems.
Investing 101. Types of Savings tools Savings Account: An interest-bearing account (passbook or statement) at a financial institution. Certificates of.
Supplemental Analyst Package First Quarter 2008 Earnings Call April 30, 2008.
1 Terrorism Risk Insurance Program Jeffrey S. Bragg.
Chapter 25 TYPES OF INSURERS AND MARKETING SYSTEMS
8-1 Statutory Accounting 1.NAIC Annual Statement Blank 2.Differences between Statutory Accounting and GAAP admitted and non-admitted assets valuation of.
By Michael Lawrance, CPA August 13,  The views in this presentation do not necessarily reflect that of KPMG LLP or any of its subsidiaries or affiliates.
Steven T. Minor Disposition of Unclaimed Property Act Tisinger Vance PC.
PRIVATE LIMITED COMPANY IN INDIA
Insurance Fundamentals for Policymakers. Four assignments: Insurance Principles Insurance Coverages: Property and Casualty Insurance Coverages: Life and.
Finance 431: Property-Liability Insurance Lecture 2: Overview of Insurance Operations.
Chapter 15 Prepared by Richard J. Campbell Copyright 2011, Wiley and Sons Auditing Assets, Liabilities, and Equity Related to the Financing Cycle.
POWER AND DUTIES OF DIRECTORS
SB19 Study Committee. Montana State Fund is committed to the health and economic prosperity of Montana through superior service, leadership and caring.
FINANCIAL SERVICES… Presented by: Ruchika Sharma.
Chapter 5 Types of Insurers and Marketing Systems
Risk Management Overview with Meg Tully, CAE Meg Tully, CAE Association Development Director.
Hugh Tucker September 29, 2005 OWNERSHIP ARRANGEMENTS FOR INTERNATIONAL PROJECTS.
Wednesday, October 13, 2010 Licensing procedures of a Connecticut Domiciled Insurance Company.
Chapter Treasurer Orientation April 23, Chapter Treasurer Responsibilities Maintain the chapter’s financial records Provide the President and Board.
Financial Resource Management Recommended Best Practices Training for Volunteers and Support Groups.
1 Understanding of Financial Statement 1. Balance Sheet 2. Income Statement 3. Statement of appropriation of retained earnings 4. Cash Flow Statement 5.
Preparing an AELR Meghan Hieger and Megan Smith Office of the Auditor General Accounting Services Division.
Types of Insurers and Marketing Systems Lecture No. 9.
Reinsurance Supervision The US Perspective ASSAL XIV Annual Meeting Alessandro Iuppa, Superintendent Maine Bureau of Insurance, USA.
Financing, Investor Protection And Online Securities Offerings Chapter 21.
Copyright © 2003 by South-Western/Thomson Learning. All rights reserved. CHAPTER 11 An Introduction to Financial Intermediaries and Risk.
Obtain Finance. Types Finance Secured Finance – Finance is given in return for security over an asset – The security is a guarantee that lender has first.
Corporations Chapter 12. Corporation Characteristics Is a legal entity, distinct and separate from the individuals who create and operate it. It may acquire,
Organization and Operation of Corporations CHAPTER 10 Electronic Presentations in Microsoft® PowerPoint®
© 2005 West Legal Studies in Business, a division of Thompson Learning. All Rights Reserved.1 PowerPoint Slides to Accompany The Legal, Ethical, and International.
THE USE OF ADMINISTRATIVE BANKING AND INSURANCE DATA 1 Presented by Hazel Corbin Statistics Adviser, ECCB Palm Haven Hotel Saint Lucia 3 to 7 February,
Best Practices for Service Providers / Accounting & Financial Reporting Issues Facing the Industry (GAAP, SAP, IFRS) Donald B. Rousso Paul Shanbrom Travis.
INSURER INSOLVENCIES Alaska Division of Insurance Bob Lohr, Director
Project Special Purpose Vehicle Company (SPV) - An Option
The Ins & Outs Of Self-Insurance Southwest Actuarial Forum December 4, 2007 Ed Costner, ACAS, MAAA Casualty Actuarial Consultants, Inc.
Indiana University Corporate Accounting POOP Session September 19, 2000.
1 Generations Bancorp. Inc.. 2 Executive Management Gregory P. Kolton, Chairman, President, CEO 35 years of banking experience President/CEO of CIB Marine.
Overview of Insurance Operations Types of Insurers Risk Transfer Process Objectives of Insurers Constraints of Achieving Objectives Measurement of Insurer.
BANKING REGULATION ACT,1949 & THE BANKING OMBUDSMAN SCHEME,1995.
Dr. James Kallman, ARM 7-1 Advanced PowerPoint Presentation ©2009 The National Underwriter Company.
Chapter 15 Debt and Equity Capital McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.
ICP 20 – U.S. Statutory Financial Reporting
Credit Risk. Possibility of loss from the failure of loan or debt instrument repayments. Change in the repayment capacity of borrowers or debt instruments.
Chapter 3 Banks and Other Financial Institutions © 2003 John Wiley and Sons.
ABDUL RASHID MBAECM, MBA, MIS, CHRM, BA, DIP PRESIDENT PHONE ANTIQUA ROAD, MISSISSAUGA L5B 2T8 ONTARIO, CANADA.
15-1 Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Obtain Finance. Types Finance Secured Finance – Finance is given in return for security over an asset – The security is a guarantee that lender has first.
Insurance Companies. Chapter Outline Two Categories of Insurance Companies: Chapter Overview Life Insurance Companies Property-Casualty Insurance Companies.
Florida Insurance Conference on Financial Reporting September 14, 2011 Florida P&C Guaranty Funds.
T E F R A H E A R I N G T E F R A H E A R I N G CITY OF STOCKTON TAX-EXEMPT CERTIFICATES OF PARTICIPATION SERIES 2003 (UNITED CHRISTIAN SCHOOLS) Presented.
Securities Regulation Code Chapter VI: Protection of Shareholder Interests.
Role of Financial Markets and Institutions
Lecture 12 Financial Issues
Source and Nature of Debt
Casualty Loss Reserve Seminar September 2007
New York Bankers Association Trust & Investment Conference
Overview of Insurance Operations
Chapter 15 Debt and Equity Capital McGraw-Hill/Irwin
Association of Insurance Compliance Professionals June 25, 2019
Presentation transcript:

Property & Casualty 2010 Compliance Conference

Using the “Filing Smart” Manual A Guide to Financial Program Filings and Property and Casualty Division – Data Services Filings for Insurers and Other Entities Doing Business in Texas John Peters Assistant Chief Analyst Financial Analysis Financial Program

Topics of Discussion Overview of Filing Smart Categories Premium Taxes, Maintenance Taxes, Filing Fees and Miscellaneous Assessments Using Filing Smart NAIC Checklists Actuarial Data Calls Issued by Property and Casualty Division – Data Services Holding Company Filings Company Licensing and Registration Questions

Overview of Filing Smart Originated in 1993 To assist insurers in submitting information to the Financial Program and Data Services Shows at a glance what, when, and where to file The amount of any applicable fee Who to call if there are questions Includes information about data call filings required by the Data Services Division Website:

Categories Categorized by Company Type Accredited and Trusteed Reinsurers Alien Surplus Lines Insurers Continuing Care Retirement Communities (CCRCs) Farm Mutuals Foreign Surplus Lines Insurers Fraternals Health Maintenance Organizations Life, Accident and Health Insurers Mexican Casualty Company Companies Multiple Employer Welfare Arrangements (MEWAS )

Categories continued Categorized by Company Type continued Mutuals: Local Mutual Burial, Local Mutual Aid, Statewide Mutual, and Exempt Companies Non-Profit Legal Services Corporations Premium Finance Companies Property/Casualty Insurers (including County Mutuals) Purchasing Groups Risk Retention Groups Stipulated Premium Companies Surplus Lines Insurers Title Insurers

Premium Taxes, Maintenance Taxes, Filing Fees and Miscellaneous Assessments Fees collected by the Financial Program are specified in the applicable section of the Guide Maintenance Taxes and various other taxes, fees and assessments are processed by the Texas Comptroller of Public Accounts -Insurers subject to these taxes, fees and assessments should contact the Comptroller with any questions. Comptroller’s website: or call (800) or (512)

Using Filing Smart Contains various useful information such as Department and NAIC mailing addresses and Department contact information Lists regular interval filings, separated into sections by each type of company Addresses the different TDI Financial Program filings relating to: Licensing Holding Company Transactions Actuarial Issues and Filings Data Calls Includes: Glossary of Terms Index to Statutory Citations

NAIC Checklists Required State Filings for Fraternals, Health Entities, Life, Accident and Health Insurers, Property and Casualty Insurers, and Title Companies NAIC Financial Statements NAIC Supplements Electronic Filing Requirements Audited Financial Statements State Required Filings

Actuarial The Actuarial Division is responsible for solvency analysis functions which include the review and examination of reserves for both life and property and casualty companies along with the review and examination of other related actuarial items. The Actuarial Division is also responsible for providing actuarial expertise in the review of matters ranging from reserve compliance to consumer policy value and equity issues. Information on efforts of the Division relating to either processing, issuance, filing review, or approvals are as follows: Actuarial Memorandums Actuarial Opinions Regulatory Asset Adequacy Issues Summary and Actuarial Opinion Summary Actuarial Opinion Exemptions – Property and Casualty Insurers

Actuarial continued Information on efforts of the division relating to either processing, issuance, filing review, or approvals continued Reserve Destrengthening Appointed Actuary Property and Casualty Insurers Reserve Valuation Reports (RVRS) Certificates of Valuation Approval Requests Relating To TAC §§ –

Data Calls Issued by Property & Casualty Division-Data Services Data Services collects and maintains statistical data and produces statistical reports for the Legislature, the agency, the public, and the insurance industry. Data are obtained through scheduled data calls, special data calls, statistical plans, or are downloaded from the NAIC database. Data calls and resulting reports are posted on the TDI web site at Data Collection Activities, include: Annual Aggregate Report (previously known as Annual (Summary) Closed Claim Report Call for Quarterly Experience Call for Quarterly Experience, Workers’ Compensation Deductible Plans

Data Calls Issued by Property & Casualty Division-Data Services continued Data Collection Activities, continued Closed Claim Reconciliation Form Detailed Claim Information Disallowed Expense Call Quarterly Closed Claim Report Texas Workers’ Compensation Financial Call (TXWCFC) Title Insurance Agent Statistical Report Title Insurance Company Call for Experience Unit Statistical Call (Unit Stat)

Data Calls Issued by Property & Casualty Division -Data Services continued Published Reports Quarterly Legislative Report on Market Conditions Texas Liability Closed Claim Annual Report Texas Disallowed Expense Annual Report Texas Title Insurance Agent Statistical Report, and Texas Title Experience Report Texas Schedule Z Report Year-End Reports Job Classification Relativities State of Texas Property and Casualty Insurance Experience by Coverage and Carriers (Texas Statutory Page 14 Report) Insurance Expense Exhibit (IEE)

Data Calls Issued by Property & Casualty Division-Data Services continued Statistical Plans Texas Title Insurance Statistical Plan Texas Workers’ Compensation Statistical Plan Texas Detailed Claim Information Statistical Plan Texas Statistical Plan, refers collectively to: Texas Commercial Lines Statistical Plan Texas Private Passenger Automobile Statistical Plan Texas Residential Property Statistical Plan

Holding Company Filings Holding Company Filing Requirements Disclosure of Material Transactions, written notice if not otherwise provided Form B Initial Registration Statement Annual Registration Statement Completely Restated Registration Statement Special Monthly Amendments to Registration Statement

Holding Company Filings continued Holding Company Filing Requirements continued Form C Disclaimer of Control or Affiliation Insider Trading Reports (to be filed by officers, directors and 10% shareholders of a domestic insurer with 100 or more shareholders): Form 3, initial Statement of Beneficial Ownership of Securities Form 4, Statement of Changes in Beneficial Ownership of Securities Pledge of Assets Proxy Statement (Definitive), to be filed by a domestic insurer with 100 or more shareholders

Holding Company Filings continued Holding Company Filing Requirements continued Proxy Statement (Preliminary), to be filed by a domestic insurer with 100 or more shareholders Schedule SIS, Stockholder information Supplement (required of domestic insurers with 100 or more shareholders) Surplus Debentures, written notice before date of payment or repayment of subordinated indebtedness if schedule of payments not contained in the agreement or the payment or repayment does not comply with specific terms of the agreement (issued on or after September 1, 1995)

Holding Company Filings continued Affiliate Transactions Application of approval of transaction (written) – including agreements involving sales, purchases, exchanges, loans or extensions of credit or investments, involving the lesser of either : a) 5% of admitted assets, or b) 25% of surplus Approval of an exemption from filing of Form A (written application for) – to be filed by any entity proposing to acquire control of a domestic insurer or commercially domiciled insurer or a holding company controlling same which does not have the effect of changing or influencing control Approval of the investment funds (written application for) – in excess of those amounts authorized under applicable investment statutes along with copies of applicable agreements

Holding Company Filings continued Affiliate Transactions continued Approval of payment of principal or interest on money advanced (written application for) - Applies to County Mutuals and Reciprocals only Approval of transactions (written application for) - including agreements for the rendering of services or facilities on a regular or systematic basis; management service, cost sharing, rental or lease agreements, federal income tax return consolidation agreements; transactions with affiliated financial institutions; and, sales, purchases, exchanges, loans or extensions of credit or investments involving the lesser of either: a) more than ½ of 1% but less than 5% of admitted assets, or b) more than 5% but less than 25% of surplus; and transactions in the securities of an affiliate which is not a subsidiary of the insurer

Holding Company Filings continued Affiliate Transactions continued Form A, Statement Regarding the Acquisition of Control Form D, Notice of Declaration of Extraordinary Dividend

Company Licensing and Registration Company Licensing and Registration is now responsible for licensing HMOs, including: Application for Certificate of Authority to act as an HMO, as well as any amendments Service Area Expansions Changes to Organizational documents HMO Filing Requirements

Company Licensing and Registration continued HMO’s continued Changes of Officers and Directors Changes in Ownership Stop-loss Contracts Dividends Information required by Art. 20A.06(b)(1) affiliate agreements Any change in Affiliates Contracts with persons listed as officers and directors and management contracts

Company Licensing and Registration continued Non-Admitted Market Contains section on filings for: Surplus lines insurers Risk Retention and Purchasing Groups Accredited and Trusteed Reinsurers

Company Licensing and Registration continued Admitted Market Contains section on filings for: Applications for Incorporation Foreign/Alien Admissions Charter Amendments Changes in Status of Certificates of Authority Redomestications Filing of Disciplinary Actions

Company Licensing and Registration continued Admitted Market continued Appointment of Attorney for Service Mergers Assumptive Reinsurance Transactions Withdrawals Dissolutions Filing of By-Laws and Minutes Biographical Affidavits Matters relating to Statutory Deposits Joint Control Agreements Declarations of Trust

Questions? John Peters 512/ Kristine Ehrlich 512/ Filing Smart Website: