Millennium Consulting can provide your company with a variety of outsourcing options including the preparation and filing of your statutory statement and the maintenance of your investments for statutory reporting purposes.

Millennium Consulting professionals have over ten years of experience each in the insurance industry consisting of tenures at insurance companies, insurance departments, and at the NAIC. Each consultant has extensive practical experience in preparing and filing statutory reports including the annual and quarterly statements and supplemental filings including the risk-based capital report. We also have extensive contacts at the various departments of insurance and can provide you with regulatory assistance when needed.

Outsourcing Options

For many start-up companies, small and mid-size insurers, attracting and retaining individuals with statutory accounting and reporting experience and the knowledge and experience to prepare and file your statutory reports is difficult. Budget, geography, the prevailing labor market and other factors can make it difficult to find the right fit. Millennium Consulting can assist in this area with our experienced professionals that provide both the knowledge and experience needed to fulfill your regulatory reporting requirements.

Statutory Statement Outsourcing Service

Our Statutory Statement Outsourcing Service provides your company with the ability to outsource the preparation and filing of your company's statutory filings.  Our professional staff of statutory accountants have extensive practical experience in preparing and filing the annual and quarterly statements for Life, Property/Casualty, Health, Risk Retention Groups, and Captive insurers.  We currently prepare and file over 40 statements on behalf of clients in over a dozen different states.

With our Statutory Statement Outsourcing Service, we will prepare and electronically file your Company's annual and quarterly statutory statement and NAIC supplemental filings with your domiciliary state and the NAIC.  Specifically we will provide the Company with the following services:

• Identify and prepare all journal entries to convert from GAAP Trial Balance to Statutory (STAT) Trial Balance, including all GAAP to STAT adjusting entries
  

• Prepare the NAIC Annual Statement, including all NAIC Supplemental Filings for filing
  

• Serve as the NAIC "annual statement contact person"
  

• Prepare responses to any regulatory letters
  

• Work with the Company's independent audit firm in preparing the Statutory Audit Report
  

• Provide statutory accounting and reporting support to staff members as needed

And we do all this at a cost that is affordable for any size insurer.  For a quote, send your contact information and a PDF copy of your most recent annual and quarterly statement to info@mcs-nc.com. 

Investment Outsourcing Service

Our Investment Outsourcing Service provides clients with statutory investment outsourcing services for the maintenance of their investment portfolio for statutory accounting and reporting.  Let's face it, investment software for statutory reporting can be quite expensive.  But our Investment Outsourcing Service provides your company with a far less costly alternative.  We have partnered with one of the leading statutory investment software vendors and can provide your Company with the following services:

1. Input all your Company's acquisitions and dispositions of all Schedule D investment data into statutory statement  investment software
   

2. Maintain your Company's investment transactions on a monthly basis utilizing the Schedule D Management investment software
   

3. Prepare monthly investment transaction reports including the appropriate journal entries
   

4. Prepare the statutory investment schedules necessary for the quarterly and annual statutory statements
   

5. Calculate statutory amortization as needed
   

6. Make all investment filings to the NAIC's SVO that may be required

Our investment software leases for far less than other investment packages, typically under $2,500 per year.  And even with our consulting fee, you will pay far less than what you currently pay for annual investment software leasing costs.  For a quote, send your contact information and a PDF copy of your most recent annual and quarterly statement to info@mcs-nc.com. 

For more information about Millennium Consulting's Outsourcing Services, contact us at info@mcs-nc.com.