INSURANCE IS OUR BUSINESS
Insurance companies face a wide array of complex issues, from managing the risks of a successful business to complying with regulatory standards. Our statutory accounting team has years of experience that can give you insights into your company’s financial health, giving you beneficial decision making information. We seek to lift our clients up, rather than bring them down. We function more as an advocate than an adversary, for we truly love to see our clients succeed.
Your organization’s future shouldn’t be trusted to non-specialized financial advice. Our insurance team receives training of the highest caliber to help keep you updated on the latest regulatory issues and changes.
Everyone knows you get what you pay for. But what if you get more than what you pay for? Most insurance companies don’t want to pay a large national firm’s prices, but need more than a corner store’s expertise. That’s where we fit your company best. We offer top-notch service at reasonable prices that can keep your company rising in altitude. Our clients are more than a fee to us, so we continue to serve you throughout the year well beyond the scope of a regular audit or tax preparation.
- Property & Casualty
- Government risk pools
- Captive insurance companies
HOW WE SERVE INSURANCE COMPANIES
While many insurance companies prepare GAAP statements for internal use, statutory filings are required by all licensed insurance companies. These regulations are very different from GAAP regulations. Because of this, only individuals with industry-specific expertise can fully comprehend the impact of different transactions. And without this understanding, it is difficult for an insurance company to operate successfully long term. Our ability to adapt to changing industry reporting standards is directly due to the structure of our firm.
At Larson & Company, we feel it is important to work closely with each other to give you a seamless service experience. Our large, experienced staff is made up of a dynamic team of audit and tax professionals who are insurance experts. Our employee retention rate is 92%, much higher than the industry average of 80-85%. This gives us the ability to assign the same staff to your audit year after year, saving you time and giving us a better understanding of your organization.
- Utah Captive Insurance Association (UCIA)
- Arizona Captive Insurance Association (AzCIA)
- Montana Captive Insurance Association (MCIA)
- Nevada Captive Insurance Association (NCIA)
- Vermont Captive Insurance Association (VCIA)
- District of Columbia
- New Jersey
- New York
- North Carolina
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
INSURANCE ASSURANCE SERVICES
- Financial Statement Audits – Annual audits are required for most insurance companies. Because of the difference in Statutory and GAAP accounting, it is always prudent to retain an audit firm that is very familiar with insurance accounting and the applicable standards.
- SOC Audits – An internal control audit, these audits are quickly becoming required by more and more insurance companies and insurance-related organizations. We can both help you evaluate the value of this audit to your organization and then perform this audit for you.
- Insurance Department Audit Preparation & Consultation – State insurance departments periodically examine all insurance companies licensed within their state. Because these examinations can be very demanding, insurance companies need to take this into consideration as they make accounting decisions in the periods between these examinations. We can assist you in working with your state insurance department so as to ensure that their examination goes as smoothly as possible.
- Employee Benefit Plan Audits and 401(k) Audits
- Policies and Procedures Audits – We can evaluate internal policies and procedures to help identify strengths and potential weaknesses. Best practices will be used in our evaluation to ensure that your policies and procedures are efficient and effective. For example, we have performed policies and procedures audits in the following areas:
- Billings and Collections
- Claims Processing
TAX COMPLIANCE & CONSULTING
You can rely on our experienced team of certified public accountants, and tax professionals at Larson & Company to help you identify opportunities to minimize tax exposure and signal potential tax problems. The stakes can be high and there are a number of areas in which we can assist, including:
- Federal and State Tax Compliance
- Tax Provisions and Disclosures under SSAP 101
- Tax Planning Strategies
For more information contact Greg Denning.
FRAUD PREVENTION & DETECTION
For more information, contact Andrew Wan.
Salt Lake City, UT
9065 S. 1300 E.
Sandy, UT 84094
Spanish Fork, UT
765 N Main
Spanish Fork, UT 84660
285 S. 400 E.
Moab, UT 84532
St. George, UT
321 N Mall Drive, Bldg. R
St.George, UT 84790
Las Vegas NV
Larson, Swan + Gardiner
9005 W Sahara Ave
Las Vegas, NV 89117