Statutory Financial Reporting Checklist

Annual Statement is due to the NAIC and state DOIs on March 1; quarterly blanks are due 45 days after quarter-end. Capture the as-of date the controller confirms — downstream Schedule P triangles and RBC schedules tie to it.

Close the GL, premium subledger, and claims subledger in the policy admin system. Late-posted endorsements and reopened claim transactions after lock are the most common cause of premium-vs-booked variance later in the close.

Run the written, earned, and unearned premium reports by line of business and state. These feed Schedule T (premium by state) and the Underwriting & Investment Exhibit. Reconcile direct, assumed, and ceded columns separately.

Extract paid losses, case reserves, and ALAE/ULAE by accident year and line. The actuarial team needs the loss triangles in the carrier's Schedule P format — confirm the cut matches the GL lock so paid losses tie to the cash subledger.

Identify items GAAP carries as assets that statutory accounting non-admits — agents' balances over 90 days past due, prepaid expenses, furniture and EDP equipment over the SSAP No. 16 limits, deferred tax assets exceeding the SSAP No. 101 admission test. Move them to the non-admitted column.

Pull the bind activity from the agency management system and tie it to written premium booked in the GL. Variances over the materiality threshold typically trace to mid-term endorsements, audit premium accruals on workers comp policies, or producer-of-record changes.

Apply quota-share, surplus, and excess-of-loss treaty cessions per the cession schedule. Confirm the reinsurer authorization status in each state of domicile — unauthorized reinsurer balances require collateral (LOC, trust) for credit on Schedule F.

Tie Schedule D bond and stock holdings to the custodian's month-end position report. Capture the reconciliation worksheet — auditors will request it under the Model Audit Rule walkthroughs and any variance over the SSAP No. 26R impairment threshold needs documented support.

Confirm every open claim has a current case reserve consistent with the carrier's reserve-cadence policy. Stale placeholder reserves at FNOL contribute to IBNR drift and show up as a market-conduct exam finding.

The appointed actuary runs paid and incurred development on the Schedule P triangles by accident year and line. Selected ultimates feed Schedule P Parts 1–4 and the loss reserve booking.

Compare the booked ultimate to the prior period's selected ultimate by line. Adverse or favorable development above the carrier's defined materiality threshold (commonly 5% of surplus or a fixed dollar floor) requires a documented memo and will be called out in the Statement of Actuarial Opinion.

Document the drivers of adverse or favorable development by accident year and line, the methodology change (if any), and the impact on surplus. The memo supports the Statement of Actuarial Opinion and is the first document the state DOI examiner asks for in a financial exam.

The appointed actuary signs the SAO per NAIC Property and Casualty Annual Statement Instructions. The opinion must be filed with the Annual Statement and supported by an Actuarial Opinion Summary (AOS) submitted confidentially to the domiciliary regulator.

Populate the Jurat, Assets, Liabilities, Statement of Income, and supporting schedules in the carrier's NAIC blanks software (Wolters Kluwer Booke, EisnerAmper, or in-house). Cross-checks within the blanks software flag intra-statement ties before submission.

Run the RBC formula across R0–R5 charges. Flag the action level: Company Action Level (200% of ACL), Regulatory Action Level (150%), Authorized Control Level (100%), Mandatory Control Level (70%). Any trigger below CAL drives the next step and a confidential RBC filing with the domiciliary commissioner.

Triggered when RBC falls at or below the Company Action Level. Draft the corrective plan describing the financial condition, proposed corrective actions, and forecasts. Filed confidentially with the domiciliary commissioner under the RBC for Insurers Model Act.

Cover the SSAP-required note disclosures: significant accounting policies, fair value (SSAP 100R), reinsurance (SSAP 62R), high-deductible policies, and going concern. Tie the MD&A narrative to the actual variance drivers identified during reserve and underwriting review.

The audited financial report under the NAIC Model Audit Rule (Annual Financial Reporting Model Regulation) is due to state DOIs by June 1. Hand the auditor the close binder, ICFR walkthroughs, and management's MAR Section 16 internal control report.

Upload the cross-checked blanks file to NAIC i-Site+ and confirm the receipt acknowledgement. The filing fee is automatically assessed; verify the carrier's NAIC company code on the Jurat before submission.

Examples: NY Regulation 118 CPA letter, CA premium tax returns and Schedule of Premium Earned, FL 690-138 Annual Reinsurance Filing, TX Form FIN 311 Affiliate Disclosure. Each has its own portal and deadline — track separately from the NAIC central filing.

Annual Form B under the Insurance Holding Company System Regulatory Act covers the organizational chart, intercompany agreements, and management biographical affidavits. Due to the domiciliary commissioner; some states require copies in every licensed state.

The CFO and appointed actuary sign the final filing manifest. Archive the full package (blanks, SAO, AOS, MD&A, MAR report, state supplements, Form B) per the carrier's retention schedule — typically the longer of seven years or the next financial exam cycle.