Next Steps for the New Group Capital Calculation

Kent Quam
December 11, 2023

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.

Take Action

Connect with Sovos Education to learn more about GCC and how we can help you prepare for this new regulation.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Kent Quam

Kent has over 30 years of experience in the life insurance industry. His actuarial career has included various roles in valuation, product pricing, risk management, and actuarial modeling. Kent teaches in many of the life insurance classes but especially enjoys the Actuarial Concepts and the Risk-Based Capital courses, along with the actuarial aspect of many of the other life courses. He is a Fellow of the Society of Actuaries (FSA) and a member of the American Academy of Actuaries (MAAA).
Share this post

2025 tax filing season
North America Tax Information Reporting
November 21, 2024
Top 5 FAQs to Prepare for the 2025 Tax Filing Season

This blog was last updated on November 21, 2024 While “spooky season” may be over for most of us, the scariest time of year for many businesses is right around the corner: tax filing season. As they brace themselves for the flood of forms, regulatory updates, and tight deadlines, the fear of missing a critical […]

dtc shipping law updates
North America ShipCompliant
November 13, 2024
DtC Shipping Laws: Key Updates for Alcohol Shippers

This blog was last updated on November 13, 2024 When engaging in direct-to-consumer (DtC) shipping of alcohol, compliance with different state laws is paramount and so keeping up with law changes is critical. In 2024, the rules in several states for DtC have already been adjusted or will change soon. Here is a review of […]

sales tax vs. use taxes
North America Sales & Use Tax
November 8, 2024
Sales Tax vs. Use Tax, Explained. Who Reports What, and When?

This blog was last updated on November 19, 2024 One of the core concepts in sales tax compliance is also one of the most frequently misunderstood: the differences between sales tax and use tax. These tax types may look similar on the surface, but knowing the differences is essential for staying compliant and avoiding costly […]

2025 bond project
North America Tax Information Reporting
November 4, 2024
2025 NAIC Bond Project – The Insurer’s Guide

This blog was last updated on November 14, 2024 The regulatory landscape for insurance companies is undergoing significant changes with the Principles-Based Bond Project which is set to take effect on January 1, 2025. These changes, driven by the National Association of Insurance Commissioners (NAIC), will impact how insurance companies classify and value bond investments, […]

E-Invoicing Compliance EMEA VAT & Fiscal Reporting
November 1, 2024
VAT in the Digital Age Approved in ECOFIN

This blog was last updated on November 7, 2024 The long-awaited VAT in the Digital Age (ViDA) proposal has been approved by Member States’ Economic and Finance Ministers. On 5 November 2024, during the Economic and Financial Affairs Council (ECOFIN) meeting, Member States unanimously agreed on adopting the ViDA package. This decision marks a major […]