Introduction to Insurance Accounting Services
We know insurance. The roots of our insurance industry practice go back to 1968. Since then, the breadth and depth of the practice has expanded extensively. We provide audit services, tax services and advisory services for insurance companies, health maintenance organizations, risk retention groups, captive insurance companies, medical malpractice trusts, warranty companies and other risk bearing entities.
GSS is committed to providing excellent accounting services to the Insurance Industry through participation in programs of the National Association of Insurance Commissioners (NAIC) and the Insurance Accounting and Systems Association (IASA) as well as specialized insurance industry training for employees to keep on top of industry developments. Every year, team member education is supplemented with seminars and insurance industry conferences. Additionally, we sponsor and host educational conferences for Tampa Bay’s local insurance community.
As a result of this committed focus and wealth of experience, we have developed several focused areas of service within our insurance practice:
National Flood Insurance Program (NFIP)
GSS is the largest provider of audit services to companies in the Write Your Own (WYO) Program. Since 1994, we have been servicing clients located throughout the continental United States, Hawaii, Guam and Puerto Rico. We have a large, strong client base and perform biennial flood audits every year as a result.
What does this mean for you?
Our commitment to the WYO Program and the education of our staff allows us to provide our audit services in a cost-effective manner with minimum disruption to you and/or your Third Party Administrator’s day to day operations. We provide our team with the necessary technology and tools to be effective service providers that not only meet your compliance needs, but exceed your expectations by adding value throughout the process.
Our audit team members have extensive knowledge and experience with the WYO Program and with its Financial Control Plan. Team members attend the annual National Flood Insurance Program Conference to ensure that we stay current on the specific requirements and changes in the WYO Program. In addition, all of our assurance services staff complete specialized yearly trainings required to perform audits under Government Auditing Standards issued by the Comptroller General of the United States (“yellow book”).
Property & Casualty Insurance Companies
We speak STAT – most “P&C” insurance companies are subject to “Statutory Accounting Principles” or STAT. Our experience in this area dates back to 1968 and we currently have approximately fifteen financial reporting professionals on staff that have experience working with P&C insurance companies and STAT. This allows us to help you understand the implications of complex transactions and issues.
“GSS has been the accounting firm for two different insurance companies that I have worked with since 1999. I have found the personnel I deal with to be very knowledgeable of the insurance industry, responsive to my needs and have consistently provided quality work. What I value most about working with GSS is the breadth and depth of their accounting and business expertise. I would highly recommend GSS to insurance companies for all of their reporting needs.”
– Trevor Hillier, Controller of American Strategic Insurance Corp.
Health Maintenance Organizations
Our knowledge of insurance and STAT, coupled with our understanding of the healthcare industry, has led GSS to provide accounting services to Health Maintenance Organizations (HMOs). As a result, we provide audits and tax services to several HMOs and TPAs servicing HMOs throughout the southeastern United States.
Seminars and Presentations
GSS organizes educational seminars for our insurance industry clients to specifically address industry issues and establish an environment where insurance leaders can learn and also express their thoughts, ideas and concerns.
Topics have included:
- Quarterly Annual Statement Changes
- Accounting for Other-Than-Temporary Impairments (OTTI)
- Income Taxes
- SSAP No. 10 Modified, Income Taxes – Revised
- Status of FIN 48R, Accounting for Uncertainty in Income Taxes
- Model Audit Rule
- Auditor Independence
- Corporate Governance (Audit Committees)
- Reporting on Internal Controls
- US GAAP/IFRS Convergence
- What Does it Mean for the Insurance Industry?
For Insurance Companies
- Merger and acquisition consulting
- SOC reporting (f/k/a SAS 70 Reports) for insurance service providers
- Assistance with quarterly and annual statutory filings
- Model Audit Rule interpretation and guidance
- Internal control evaluations for compliance with Model Audit Rule
- Accounting services assistance
For Insurance Professionals
- Financial planning and analysis services
- Estate & trust planning