Strategies For Centralized Global Statutory Reporting

The effective preparation of statutory reports begins with establishing a robust system of internal controls over financial reporting (ICFR). Management is responsible for designing and maintaining statutory reporting these controls to ensure that financial statements are prepared accurately and consistently. A strong ICFR framework minimizes the risk of material misstatement in the final submissions.

Global Statutory Reporting Services

In a time of increasing reporting requirements, companies deserve statutory financial reporting software that streamlines the process. Your company’s statutory reporting obligations don’t end with the SEC — operating in the global marketplace means also being aware of any other compliance measures you need to take across borders. Regulatory reporting changes on an annual basis as new rules are passed and others are repealed. Learn about the latest statutory reporting requirements and compliance issues impacting CFOs and other financial professionals. The specific requirements for reporting depend on the jurisdiction in which an organization operates.

Costs of statutory reporting mistakes

We summarize new and revised statutory accounting standards adjusting entries for 2024 and 2025 financial reporting by insurers. Streamline your workflow with automated formatting and review processes, and maintain consistency with centralised data management. Choose flexibility with various operational delivery models and utilise translation features to prepare financial statements in English.

• We report on actions and discussions about ongoing projects on conference calls and at the NAIC 2022 Fall meeting.
• Also, it is a cornerstone of audit readiness, investor reporting, and strategic disclosures.
• Lastly, as regulatory environments continue to shift, insurance companies will need to remain agile and responsive to new statutory reporting obligations.
• The specific requirements for reporting depend on the jurisdiction in which an organisation operates.
• These standards are subject to revisions and updates, as evidenced by the summaries provided by KPMG for 2022, 2023, 2024, and 2025.
• Failing to meet statutory reporting requirements in the UK can result in severe consequences.

Events and Meetings

This proactive approach equips staff with the necessary knowledge, empowering them to handle reporting requirements efficiently. Regular updates on compliance-related matters also contribute to maintaining alignment with statutory standards. Stakeholders, including policyholders and investors, may lose trust in organizations that do not uphold their reporting responsibilities. This erosion of credibility can hinder growth opportunities and lead to increased scrutiny from regulators. Insurance entities must prepare and submit regular reports to regulatory bodies, such as the Financial Conduct Liability Accounts Authority (FCA) in the UK or the National Association of Insurance Commissioners (NAIC) in the US.

Curious about what modern software for the annual statement looks like?

To write an effective statutory reporting job description, begin by listing detailed duties, responsibilities and expectations. We have included statutory reporting job description templates that you can modify and use. We report on actions and discussions on conference calls and at the NAIC 2025 Spring meeting.