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This document is an annual report required for insurance premium finance companies to submit details about company officers, operations, financial contracts, and compliance with regulatory requirements.

How to fill out annual statement for insurance

How to fill out ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY

1. Obtain the ANNUAL STATEMENT form from the relevant regulatory authority or insurance finance company.
2. Fill in the company name, address, and contact information at the top of the form.
3. Provide the policyholder's information including name, address, and contact details.
4. List all insurance policies financed by your company for the reporting year, including policy numbers and insured amounts.
5. Document the total premiums financed during the year.
6. Calculate any interest charged on financed premiums and include in the statement.
7. Attach financial statements that may be required to complement the annual statement.
8. Review all information for accuracy and completeness before submission.
9. Submit the completed ANNUAL STATEMENT by the deadline set by regulatory authorities.

Who needs ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY?

1. Insurance premium finance companies that provide funding to policyholders for insurance premiums.
2. Insurance regulators who require annual statements for monitoring and compliance purposes.
3. Stakeholders and investors in insurance finance companies who need performance insights.

People Also Ask about

What is an annual statement in insurance?

An annual statement is a yearly report required by the state insurance commissioner detailing an insurer's income, expenses, assets, and liabilities, along with other pertinent data.

What are the financial statements of an insurance company?

The main financial statements for insurance companies are the same as most other companies: (1) the balance sheet, (2) the income statement, and (3) the cash flow statement. Each of the financial statements provides important financial information for both the internal and external stakeholders of an insurance company.

What is insurance premium statement?

An insurance premium is the amount you pay each month (or each year) to keep your insurance policy active. Your premium amount is determined by many factors, including risk, coverage amount and more – depending on the type of insurance you have. This does not apply to all types of life insurance.

What are the 5 financial statements of a company?

The 5 types of financial statements you need to know Income statement. Arguably the most important. Cash flow statement. Balance sheet. Note to Financial Statements. Statement of change in equity.

What financial statement is insurance paid on?

The amount of the insurance premiums that remain prepaid at the end of each accounting period are reported in the current asset account, Prepaid Insurance. The balance in this account will be combined with the balances in other prepaid expense accounts and will be listed on the balance sheet as prepaid expenses.

What are the 4 types of financial statements?

The four primary types of financial statements are: balance sheet, income statement, cash flow statement, and statement of shareholders' equity.

What is a premium finance company in insurance?

The premium finance company then pays the insurance premium and bills the individual or company, usually in monthly installments, for the cost of the loan. Typically, clients that engage in this transaction are age 29 to 75; with net worth of $5MM or greater. Premium financing is popular when interest rates are low.

What kind of accounting do insurance companies use?

Most insurers authorized to do business in the United States and its territories are required to prepare statutory financial statements in ance with Statutory Accounting Principles (SAP).

For pdfFiller’s FAQs

What is ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY?

The Annual Statement for Insurance Premium Finance Company is a regulatory document that contains financial and operational information about a company that provides financing for insurance premiums. It typically includes data on the company's financial performance, assets, liabilities, and other relevant metrics.

Who is required to file ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY?

Insurance premium finance companies that operate within a jurisdiction requiring such filings are obligated to submit the Annual Statement. This usually includes both licensed finance companies and those that have a specified minimum level of business activities in the insurance premium financing sector.

How to fill out ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY?

To fill out the Annual Statement, a company must gather its financial data from the past year, including detailed records of income, expenses, assets, and liabilities. The statement form usually includes specific sections and requires adherence to guidelines provided by the regulatory authority, ensuring that all required information is accurately reported.

What is the purpose of ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY?

The purpose of the Annual Statement is to provide regulators with a comprehensive overview of the financial health and operational status of insurance premium finance companies. It helps ensure compliance with regulatory standards and aids in promoting transparency in the insurance financing industry.

What information must be reported on ANNUAL STATEMENT FOR INSURANCE PREMIUM FINANCE COMPANY?

The information required to be reported typically includes the company's income, balance sheet data, cash flow statements, details on outstanding premium loans, regulatory compliance metrics, and any changes in the management or ownership of the company.