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8/12/2019 39 XBRL Insurance Companies Software Tools
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VALUE OF XBRL TO
INSURANCE COMPANIES
Gary A. WicklundEagle Technology Management
Financial Services & Regulatory Reporting Special Interest Session
8thXBRL International Conference November 3-7, 2003
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OUTLINE
INSURANCE INDUSTRY PROBLEM STATEMENT
INSURANCE REPORTS
DEVELOPMENT PROCESSES XBRL TAXONOMY
IMPACT
BENEFITS CONCLUSION
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InsuranceCompanies
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INSURANCE INDUSTRY
Types of Companies Life, Accident and Health
Property and Casualty
Health
Fraternal
Title
Transaction Processing
Financial Reporting
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PROBLEM STATEMENT - INTERNAL
Accounting Systems Generally Accepted
Accounting Principles(GAAP)
Statutory Accounting
Principles (SAP)
Cash/Management
Investments
Stocks and Bonds
Real Estate
Mortgages
Reinsurance Policies
Health
Life
Property
Documents
Audits
Actuarial
MD & A Directors & Officers
Reports
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PROBLEM STATEMENT - EXTERNAL
Financials Annual Report GAAP
Quarterly Reports
10K and 10Q
Regulatory State Statutory
Federal
NAIC
Statistical agencies
Tax Returns State
Federal
Web Posting
Marketing Financials
Bank
Financials
Credit Reports
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PROBLEM STATEMENT KEY ISSUES
Insurance GAAP Income Statement
Balance Sheet
Cash Flow
Stockholders Equity
Notes to Financial
Insurance Statutory
FinancialAssets, Liabilities, etc. Schedules and Exhibits
ExpandableBonds, Stocks, Real Estate, etc.
Supplements
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GAAP BASIS OF PRESENTATION The following reconciles the statutory net income of xxxx, as reported to regulatory
authorities, to consolidated GAAP income:
For the Year Ended December 31 (in millions) 2002 2001
Statutory Net Income $ (400) $ (202)
Adjustments to GAAP Basis:
Net Capitalization of Deferred Policy Acquisition Costs 432 502
Re-estimation of Future Policy Benefits (30) (75) Elimination of IMR Amortization (7) (32)
Establishment of Deferred Federal Income Taxes (62) (170)
Net Adjustment for Reinsurance (111) 44
Policyholder Dividends (3) 40
Other (102) 63
Consolidated GAAP Net Income $ (283) $ 170
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STATUTORYSummary of Operations (Excluding Unrealized Capital Gains and Losses)
27. .
28. Totals (Lines 20 to 27) 5,902,060,348 5,139,393,287
29. Net gain from operations after 636,412,751 473,819,850
30. Dividends to policyholders 513,979,631 537,858,543
31. Net gain from operations after 122,433,120 (64,038,693)
32. Federal and foreign income taxes 70,367,918 (44,895,725)
33. Net gain from operations after 52,065,203 (19,142,967)
34. Net realized capital gains or (losses) (452,253,199) (182,837,911)
35. Net Income (Line 33 plus Line 34) (400,187,996) (201,980,878)
CAPITAL AND SURPLUS ACCOUNT
36. Capital and surplus, December 31,
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Software Vendors
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DEVELOPMENT PROCESSES
Education Insurance Accounting and Systems Administration
Insurance trade associations
Review XBRL Taxonomies
US GAAP Commercial & Industrial US Banking and Savings Institutions
XBRL GL
Financial Reports
Software Vendors Development Notes
Elements
Links
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XBRLSpecifications
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XBRL TAXONOMY
Proof of Concept Build Insurance Taxonomy (statutory)
Identify Insurance Company Data
Create Instance Filexxxxxxxx.XML
Extract Data from Instance File (.XML)
Spreadsheet Add-in
Build Display Style Sheets
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PART OF xxxx.XSD SCHEMA
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XBRL TAXONOMY
Stage of Compliance 1.0 Specifications
Selected audience
Insurance GAAP
Insurance Statutory
Build in 2.0
Build in 2.1
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InvestorCommunity
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IMPACT
Creation of a standard in the insurance industry
Standard for reporting insurance financials
Sharing of data between insurance companies,regulators, and financial institutions
Migration from paper reporting to electronictransfers
Use of web based applications over the internet
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Auditors
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BENEFITS
Higher quality information Faster and more accurate information
More useful/efficient information for analysis
Linkage of relevant information Cost savings to the insurance industry
Provide delivery of financial information via theinternet for auditors
More complete and frequent information
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State Regulation
FederalReporting
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STATE AND FEDERAL REQUIREMENTS
State Specific Requirements Synopsis Forms
Transaction Information
Compensation Schedules
Federal Requirements
Authorized Reinsurers
Medicare Supplement
Sarbanes-Oxley Act Gramm-Leach-Bliley Act
Others
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XBRLSpecification
Software Vendors
Auditors
State Regulation
FederalReporting
InsuranceCompanies
InvestorCommunity
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QUESTIONS?
Gary A. Wicklund Eagle Technology Management
319-373-2333 x16
www.EagleTM.com
mailto:[email protected]://www.eagletm.com/http://www.eagletm.com/mailto:[email protected]