- Three years after implementation, the complex nature of Statement of Statutory Accounting Principles (SSAP) No. 101, Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10, continues to bring doubt and uncertainty to insurance companies, especially those without internal tax departments.
- As one of his first acts in the new year on January 9, 2015, New Jersey Governor Chris Christie signed into law Senate Bill 562 to ensure that any personal information compiled or maintained by a health insurance carrier is adequately encrypted.
- The fourth quarter of 2014 saw considerable activity by both international and US regulators regarding the development of insurance company capital standards.
- 2015 marks the first year that an ORSA Summary Report must be filed with an insurer’s state of regulatory domicile. Some state regulators have already notified companies of the report due date, while other states have not. Regardless, all insurance companies that exceed the $500 million written premium threshold should be preparing the first drafts of their reports.
- Loans made by the investor were repaid by offsetting them against the investor’s obligations to the company. Baker Tilly expert analysis established that the loans were properly offset and the trustee settled the case.
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