Prepare for Annual Statement Season with Sovos Education Services

Mollie Crayton
January 18, 2024

As we approach annual statement season, join us at Sovos Education for one of our refresher or short courses to get up to speed on preparation. Each of these classes are bite-sized at just one to two hours in length.

Starting the first week of December, we began our mini P&C annual statement preparation courses with reinsurance concepts. The series also includes courses covering premium accounting, as well as the accounting and reporting for loss and loss adjustment expenses, other expenses and investment accounting. These are meant to either introduce concepts and accounting for these topics and are based on our longer full P&C annual statement preparation class. If you’d ever considered taking the bigger class but were scared off by the 28-hour time commitment, these shorter, topic specific courses would be perfect for you.

Sovos Education Services refresher courses

Beginning in January and running through April, we also have a variety of refresher courses. For the P&C reinsurance accountants, we have our schedule F refresher course where we will do an overview of changes related to reinsurance, and then go through the schedule at a high level. The schedule F refresher course is one-and-a half-hours long and offered multiple times in the first quarter of the year.

If your company participates in pooling, we also have a one-and-a-half-hour course that will be offered multiple times in the first quarter. More applicable to all entity types, we will also have a cash flow statement overview course offered in January.

For anyone involved with tax disclosures and accounting, we will have a few offerings of our SSAP 101 class during the first quarter as well.

February and beyond

Also, for our P&C folks, starting in February, we will have a couple of offerings of our insurance expense exhibit course, which is meant to be a refresher and overview. Those courses will be two hours in length. Then starting in March, ahead of the deadline for combined annual statement filings, we will have a few offerings of our combined annual statement overview class, which is a short one-hour course.

The last course in our refresher series will cover deferred acquisition costs and the related premium deficiency reserve. This course will be offered a couple of times beginning in April and is one-and-a-half hours in length.

Please join us for one of these great refresher and annual statement preparation classes and get a leg up on your annual statement preparation as well as your continuing education for 2024. Also, take a look at our website for our longer, more robust webinars and live education events we have in the works for next year. Happy annual statement preparation season!

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Author

Mollie Crayton

Mollie Crayton is a Regulatory Education Director helping to deliver insurance accounting education and insights to industry professionals and service providers. Before joining Sovos, Mollie was in public accounting where, for 10 years, she provided financial statement audit services to all types of property and casualty insurance clients. Following her time in public accounting, Mollie served as the controller of a mid-sized workers compensation carrier. Mollie is also active in the captive insurance industry. Mollie graduated with her Bachelor of Arts degree from the University of South Carolina in 2003 and earned her Master of Business Administration degree with an Emphasis Accounting, magna cum laude, in 2007 from Charleston Southern University. Mollie is a member of the American Institute of Public Accountants and holds an active South Carolina CPA license.
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