Quality Control Review (QCR) Service

Our QCR Service provides insurance companies with a thorough quality control review of their annual and quarterly statutory filings and all supplemental filings for completeness, accuracy, and compliance with their domiciliary state's statutory accounting principles and reporting practices.  The QCR will also address other regulatory issues and concerns that are identified during the review.  In addition, we will provide advisory services on matters related to the preparation and filing of the annual and supplemental filing on issues such as statutory accounting, investment accounting and reporting, and other accounting and reporting issues.

The service will entail a review of your company's Annual and Quarterly Statements, supporting Trial Balance, and other data used to prepare the filing. This will include evaluating general ledger accounting entries, ensuring that statutory accounting has been followed; recommending any adjustments to adhere to statutory accounting and reporting rules prescribed by your domiciliary.

Millennium Consulting will work with your company to determine the degree of analysis needed which includes:

• Review the Company's most recent Annual and Quarterly Statements; Supplemental Filings, Risk-Based Capital Report and Statutory Audit Report, which includes: 
  

• Reviewing supporting Trial Balance and other data used to prepare the filings
  
  
• Evaluating journal entries to transition from GAAP to STAT accounting
  
  
• Ensuring that statutory accounting and reporting principles have been followed
  
  
• Reviewing completeness and correctness of data entered from adjusted statutory trial balance to annual statement
  
  
• Reviewing completeness and correctness of annual statement supplemental filings
  
  
• Reviewing that data entered in the annual statement financial statements reconcile correctly to various exhibits, schedules, etc.
  
  
• Recommending adjustments to adhere to statutory accounting and reporting rules prescribed and permitted by the domiciliary department of insurance
  
  
• Identifying the impact of proposed adjustments to reported capital and surplus RBC
   
• Prepare a final "Quality Control Review Assessment Report" detailing all findings and recommendations.
   
• Provide statutory regulatory advisory services on matters related to statutory accounting, investment accounting and reporting, and other statutory accounting and reporting issues as needed

As part of the QCR Service we can schedule an on-site meeting with Company management to discuss the final report and/or provide additional training to staff.

Our QCR service can be provided on either a retrospective basis whereby the review is done after you file with the NAIC or on a prospective basis before you file with the NAIC. 

The QCR Service is available to Health, Life, and Property & Casualty insurance entities.

Regulatory Advisory Services

Millennium Consulting's staff of professionals have years of experience in the insurance industry consisting of tenures at insurance companies, insurance trade associations, insurance departments, and at the NAIC. Our work experience and regulatory expertise can prove invaluable as your company navigates through the various insurance regulatory requirements.  Millennium Consulting can assist you in various matters dealing with insurance regulatory matters including, but not limited to:

• Quarterly and Annual QCR

We can provide a summary review of your quarterly and annual statement filing prior to filing with your domiciliary state and the NAIC.

• Financial Reporting Advice Related To Statutory Accounting

We draft issue papers and in-depth White Papers on complex accounting and reporting issues such as accounting and reporting for mergers, determination of dividends payable, reporting of claim and cost containment expenses, etc.

• Investment Analysis

Accounting for invested assets on a statutory basis is often time confusing; not to mention dealing with the Securities Valuation Office (SVO).  We can provide expert analysis on accounting, reporting and filing issues.

• Risk-Based Capital Analysis

About to launch a new product, move capital between affiliated entities, let us assist in providing the analysis of the impact to RBC on such decisions.

• Company Licensing

We can assist clients with filing initial or expansion licensing applications. We utilize the NAIC's Uniform Certificate of Authority Application (UCAA), which includes any and all required state specific filings. We assure compliance with each state's admission criteria, assist or prepare responses to regulatory inquiries and provide other regulatory services as needed.