Insurance Accounting Reporting Compliance
Trust Experienced Partners with Your Insurance Compliance Risks
You depend on expert accounting, financial reporting, compliance, and strategic business services to avoid risk. ARC Strategic Services delivers the expertise you need.
The Future of Compliance: Increasing Exposure, Escalating Costs
As the CFO or Compliance Officer, you shoulder heavy responsibilities that may include both civil and criminal repercussions for failure. That’s not all. Statutory insurance reporting also impacts your daily operations and the bottom line.
The Challenges of Staying Compliant
- Increasing costs
- Committing excessive time
- Lack of sophisticated compliance and accounting experience
- Tracking regulations and compliance requirements as they evolve
Let Us Handle the Heavy Lifting and Worrying
You’re already facing resource constraints. That’s where ARC Strategic Services comes in with our insurance Accounting, Reporting, and Compliance experts. You’re covered.
ARC Accounting Reporting & Compliance Services
Core Compliance Functions
- Preparing and/or reviewing NAIC statutory filings
- Creating adjusting journal entries
- Providing quarterly and annual financial regulatory reporting
- Providing monthly, quarterly, and annual management analysis reporting
- Accounting for investments
- Reconciling for reinsurance
- Preparing premium taxes
Process & Systems Support
- Identifying and preparing State Supplemental Financial filings
- Documenting current processes
- Offering recommendations of process improvement
- Validating data
- Assisting with on-demand phone questions regarding accounting, compliance, and reporting
- Supporting management, as needed
- Accounting system review, recommendation, and transformation
- Interim Accountant / Manager
ARC High-Expertise Strategic Services
Beyond compliance basics, we partner with CFOs and Boards on strategic financial objectives, capital planning, and regulatory readiness.
Tier 1: Regulatory Excellence & Leadership Support
Board & Regulatory
- Supporting board meetings as needed
- Engaging with and providing information to Department of Insurance financial and compliance requests
- Developing and assisting in response to DOI corrective action and remediation plans
- Serving as liaison for audit and examination (financial and market conduct) process and questions
Financial & Risk Analysis
- Analyzing investment risk, Other-than-temporary Impairment, and related reporting
- Reporting for GAAP
- Training and transitioning staff
- Analyzing and improving Risk-based Capital (RBC) Ratio
- Building quality audit reviews of internal audit functions (QARs)
- Strategizing for KPIs and other managerial reports
- Interim Controller
Tier 2: Strategic Planning & Capital Management
Enterprise Risk & Planning
- Documenting, reviewing, and monitoring for Enterprise Risk Management (ERM)
- Capital management planning and forecasting
- Planning for Succession
- Working with DOIs for new line of business or entries into new states
Executive & Board Reporting
- Statutory tax provision
- Income tax returns
- Developing continuous evaluation of short and long-term strategic financial objectives
- Reporting financials and key projects to the Finance Committee and Board of Directors
- Interim CFO / Internal Audit
Frequently Asked Questions
Have questions about our compliance and strategic services? Here are some answers to help you understand how ARC can support your organization.
ARC provides comprehensive compliance services including statutory filing preparation, NAIC requirement management, data mapping and validation, and process improvement. We also offer IT systems controls, regulatory examination support, and strategic advisory services. Learn more about our Accounting, Reporting & Compliance services.
Our Exam Liaison service provides complete examination support including preparation planning, document coordination, regulatory relationship management, and post-examination action planning. We help ensure your organization is ready and confident throughout the examination process. Explore our Exam Liaison services.
Yes! ARC Academy provides specialized training programs designed for insurance professionals. Our courses cover compliance best practices, regulatory requirements, process improvement, and leadership development. Discover ARC Academy training programs.
Is This Part of Your Typical Week?
From board reporting and assessing cyber resilience to leading cultural change and more, when do you have time to merge strategy and regulatory compliance?
Let us handle some of your responsibilities.
Testimonials
Our clients' thoughts
We are thrilled to be partnering with the ARC team! We initially brought them on board to help with our NAIC statutory filings. The experience of this team was instrumental in helping us enhance our Notes as well as several schedules, including Schedules D and E. They helped with process improvement for data coordination for the Notes and Schedules. This will ensure efficiency, accuracy and completeness well into the future. The team’s deep expertise beyond basic accounting and statutory reporting allows them to effectively assist with inquiries from the regulators. They help relieve the statutory and regulatory burden, allowing me to focus on other strategic areas of the business. I would highly recommend ARC Strategic Services.
Colleen Handy
Partnering with the ARC team has been an excellent decision! I met the team at a conference and knew immediately they had the knowledge and professionalism we were looking for to help with a variety of needs, starting with our statutory filings. Q1 filing was completed early, which removed the stress of meeting the deadline. This team has such deep insurance regulatory expertise, I can feel confident that the filings are done accurately and in full compliance with the NAIC.
Brian has also made recommendations and helped by improving the process for our cash reconciliations and mapping data over to the statutory statement. I recently requested they help with another process improvement project that I anticipate will save us considerable time on a monthly basis. I cannot recommend ARC Strategic Services enough. They are a great team to work with!
Michael Eldridge
I had great experiences collaborating with ARC Strategic Services while I was a Senior Manager at MCM CPAs & Advisors LLP. When I took the role of Director of Finance & Accounting with KY AGC/SIF, I knew I could use their unique and tailored experiences for our large transition accounting & system needs. The ARC team has valued expertise ranging anywhere from project management, systems implementation, regulatory compliance, and CFO services. With ARC on our side, I know the Fund is setting itself up for future success and growth.
Wes Vance
At Investors Preferred, we understand that a solid ERM framework can increase risk-related focus across all functions of our business. We wanted a partner with an established ERM track record, and we were impressed with ARC's robust experience working with insurance firms like ours. We were confident the ARC's team would be able to appreciate the complex regulatory environment we face.
Nikki Pethtel
The ARC team was a wonderful find for AllCare Health and the perfect fit for our team and our needs. Their depth of knowledge and experience in insurance accounting and regulatory compliance is unmatched and we are so happy to be partnering with them. We initially brought them in to assist with regulatory compliance and various forms completion. We quickly realized the depth of their knowledge and have expanded their work to include readiness for our examination as well as a policy and procedures review and enhancement. Our mission includes leading the way to better healthcare for Oregon and its people. A part of meeting that mission is assurance that we continue to maintain excellent processes to propel us into the future and effectively support our members. The ARC team has so much knowledge and experience to bring to that effort. They are relieving the statutory and regulatory burden, allowing our team to focus on other high impact areas of the organization. I would highly recommend ARC Strategic Services.
Matthew Woodin
We Handle the Heavy Lifting so you can Plan, Grow, and Rest Assured
Call us at (319) 451-0120