Utilizing a ‘How To’ Manual to Prepare Your Annual Statement

Lisa Mullen
October 26, 2023

While the NAIC Annual Statement instructions are useful when completing your annual statement, they don’t always address every page or every row/column on an exhibit or schedule. The instructions also exclude insights and preparation suggestions that could help you prepare your annual statement more efficiently.

If you find yourself looking for more than what the NAIC Annual Statement instructions provide, Sovos Education has just the thing you need: The Annual Statement Handbook. The Sovos Education team maintains this handbook as a resource to help you. It is updated three times a year as statutory accounting and reporting changes are adopted.

What type of information does the handbook contain?

Changes to the annual and quarterly statutory statements are adopted by the NAIC’s Blanks Working Group (BWG). The BWG has adopted several changes to the 2023 statutory annual statement and other regulatory filings that you will need to implement for this year-end reporting.

Our handbook offers valuable insights into the changes that have been adopted for 2023 and how they impact the annual statement and other regulatory filings. It also includes preparation guidance and discussion about how to complete your entire annual statement and many other regulatory filings.

We maintain three separate handbooks (Life, Health and Property and Casualty) so we can discuss the unique aspects of each industry, their annual statement and other regulatory filings.

For each page of the annual statement, we discuss the purpose of the page, whether there are any 2023 changes you need to implement, accounting considerations in preparing that particular page, and a preparation overview of that page.

In addition, each handbook includes a 2023 model annual statement, which incorporates all the adopted changes to the 2023 year-end filing. This model annual statement is an excellent resource when you need help incorporating new information, new exhibits/schedules or new disclosures into your annual statement.

The Annual Statement Handbook addresses the annual statement filing and also explains supplemental filing, such as the audited financial statements, many of the supplemental exhibits and schedules, management discussion and analysis and much more. We also include a chapter discussing the quarterly filings, its contents and insights into the preparation of that filing.

Who is the handbook designed to help?

Anyone responsible for putting together any part of the annual statement.

Are you a grisly veteran in compiling the annual statement? You will find the discussion about the changes adopted for the 2023 annual statement invaluable. And remember: we have a model annual statement with all the most recent BWG adoptions incorporated to use as an example.

Is this your first year completing the annual statement? You will find the discussion around the structure of the annual statement, the data relationships within the annual statements, and preparation, logistics and general filing consideration a great way to educate yourself before jumping in.

Maybe you have experience with the annual statement but are now responsible for an exhibit or schedule you haven’t completed before. Our discussion about the purpose, accounting and preparation of that particular exhibit or schedule can help reduce stress at a very busy time.

Why Sovos’ Annual Statement Handbook?

Our team of highly experienced instructors has well over 200 years of combined industry experience. We have experts in the life, health and P&C industries to make our handbook a “must have” tool in completing your annual statement.

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Lisa Mullen

Lisa Mullen is Regulatory Education Director. Along with five other instructors, she provides insurance accounting education and insights to industry professionals and service providers. Lisa joined the Education Services team after a long career in the life insurance industry spanning over 30 years where she led both corporate and individual business accounting departments, agent licensing and compensation teams and the life and disability claims teams. Lisa started her career as an auditor in a large public accounting firm. Lisa earned a Bachelor of Business Administration in accounting from the University of Cincinnati. She holds the Certified Public Accountant (CPA), Fellow of Life Management (FLMI), Chartered Life Underwriter (CLU) certifications.
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