This blog was last updated on December 11, 2023
A few months ago, I wrote a blog on the group capital calculation (GCC) regulation. Since then, I’ve had conversations with many individuals who were in the midst of preparing their first GCC submissions.
Frustration and confusion with trying to do the initial submission were common themes.
Many of you are in states that have not approved the regulation at this time, so you haven’t had the pleasure of going through the process. You may be curious, or even apprehensive, about the upcoming project.
With all this in mind, I recently conducted our four-hour, detailed course on GCC at our Sovos Insurance Regulatory Summit in Austin, Texas. We had a great class that included many individuals who had already completed the first filing, as well as others who simply wanted to learn about the GCC. The Austin class was a useful, collaborative time, as those who had already completed their filings could share their personal experiences.
One of the attendees proposed the idea of creating an informal group that could meet periodically to discuss successes, frustrations and experiences with the GCC process.
Several of the individuals in that class mentioned they would be very interested in participating in something like this, so I am moving forward with coming up with the best way to have periodic, relaxed meetings where we could get together and discuss the GCC.
I am very much in the initial stages of planning but wanted to float this idea to gauge interest.
If you have enrolled in one of my GCC classes in the past, you will be receiving an email about this opportunity. If you have not been in one of my classes, but would be interested in this type of group, please email me. I would love to hear from you.
I envision this being something that will benefit everyone, from those who have already done an initial filing, to those who are just starting the process, like my class in Austin. That was a useful time for folks at different stages of the filing process to collaborate and learn from each other.
I look forward to hearing from you, and if you have any questions or concerns or just want more information, please don’t hesitate to reach out.
Sovos is also getting back to doing more live weeks for educational and CPE purposes. Although our 2023 schedule will likely be complete by the time this is published, keep in mind that in 2024, we will have more live opportunities and we would love to see you in one of our public classes.
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Connect with Sovos Education to learn more about GCC and how we can help you prepare for this new regulation.
