Since all insurance laws and regulations are established individually by state, the National Association of Insurance Commissioners (NAIC) was organized to coordinate standards and regulations nationwide. Unless a company receives an exemption from filing, the NAIC requires all members to … Continue reading
Category Archives: Insurance Industry
Who Audits Insurance Companies – 2019 and 2020
Insurance companies registered with the National Association of Insurance Commissioners (NAIC) are required to file audited financial statements unless an exemption is granted. In 2019, 223 different auditors reviewed financials for 3,950 insurance firms. In comparison, in 2020, 219 different … Continue reading
When Does Insurance Cover Cyberattacks?
This article was first available to subscribers of Accounting Quality Insights by Audit Analytics on Bloomberg, Eikon, FactSet, and S&P Global. In 2014, global life sciences technology company Medidata Solutions [MDSO] fell victim to a “phishing” attack, losing nearly $5 … Continue reading
Who Audits Insurance Companies – 2018
There were 4,217 insurance companies registered with the National Association of Insurance Commissioners (NAIC) during 2018, a slight increase from the 4,184 registered companies in 2017. Filing audited financial statements is required unless a company receives an exemption; 146 of … Continue reading
Audit Analytics for E&O Insurers
McGowanPRO is a family-owned industry leader for specialized Professional Liability Insurance. Gary Sutherland, founder of NAPLIA (which was recently acquired by McGowanPRO) and one of Audit Analytics’ first clients, has been using Audit Analytics for close to fifteen years. Gary … Continue reading
Kingsway Financial Services, Inc. [KFS]: Extensive SEC Comment Letter Conversation Identifies Accounting Errors
Kingsway Financial Services, Inc. [KFS] was forced to restate financial statements to correct revenue recognition errors related to adoption of ASC 606 and its effect on warranty subscriptions and commissions The restatement was triggered by a 15-letter comment letter conversation … Continue reading
Insurance Industry Sees Rise in Negative Events
There have been several negative events within the insurance industry over the past few years. In 2017, there were 18 restatements among registrants in the insurance industry, versus 10 in both 2016 and 2015. This uptick has continued into 2018, … Continue reading