INSURANCE

Changes to Loss Reserve Discount Factors for 2018 Insurance Company Tax Returns

The Tax Cuts and Jobs Act (TCJA) made the following changes to the discounting rules for non-life insurance companies for taxable years beginning after Dec. 31, 2017: repealed the election of a company to use its own historical loss payment patterns for discounting purposes; amended the computational rules for determining loss payment patterns; and established [...]

2019-06-24T14:42:05-05:00June 24th, 2019|INSURANCE|

Captive Insurance Taxation

A captive insurance company (or “captive”) is a licensed insurer generally established to meet the risk management needs of a specific company or group of companies. Captive structures are primarily formed either to supplement existing insurance coverages, fund blocks of risk exposures, or provide coverage for atypical risks. Utilizing captive programs enables businesses to manage [...]

2019-03-06T12:57:58-05:00January 30th, 2018|BUSINESS TAX, CAPTIVE INSURANCE, INSURANCE|

4 Ways to Brave and Minimize Insurance Fraud

Insurance fraud can be a beast, costing the average organization as much as 5% of its revenues. The bigger the beast – that is, the higher the fraudster’s seniority level on the company’s organizational chart - the higher the damage and the losses the fraudster is likely to cause, according to the Association of Certified [...]

2019-03-21T15:40:02-05:00November 7th, 2017|INSURANCE|

Technology Innovations Impacting the Insurance Industry

Technological innovations and advances have exploded in the past few years, and engineers have created real-life “futuristic gadgets” — from handheld devices to self-driving automobiles and interactive refrigerators — that were once thought to only be possible in dreams or movies. These breakthroughs are crossing over into the insurance industry, a sector that is often [...]

2019-04-10T11:41:34-05:00October 18th, 2017|INSURANCE|

Risk-Focused Insurance Examinations: 10 Years Old But They Feel Brand New

More than a decade has passed since the National Association of Insurance Commissioners (NAIC) introduced us to the risk-focused examination process. Although this process has been in place for some time, insurance regulators and examiners must remain cognizant of emerging requirements and issues, as they have been plentiful and ever-changing in this area. By paying attention to updates, examiners can properly identify, [...]

2019-03-21T13:20:03-05:00August 1st, 2017|INSURANCE|