Financial Service Statutory Reporting USA with SAP TRM / FAM

Solution for your NAIC-Reporting with SAP FS-SR-US

Meeting reporting requirements of supervisory authorities in the USA as effectively as possible

In the USA, insurance companies have to report their financial assets and financial liabilities to the supervisory authority, the National Association of Insurance Commis­sioners (NAIC). The NAIC is subject to the authority of the 50 states. It coordinates regu­la­tory and supervisory activities of the various states and serves as a forum for the creation of legal requirements and models. In the USA, the Statement of Statutory Accounting Principles (SSAP) defines specific accounting principles for regulatory purposes. NAIC reporting involves the submission of various schedules, for example, Schedule D (securities) and Schedule BA (long-term investments, alternative invest­ments) and its attachments, which are called exhibits.

Our Solution

COMPIRICUS FS-SR-US – NAIC Reporting helps you create quarterly and annual reports for the American supervisory authority, NAIC. The solution is the COMPIRICUS add-on, FS-SR-US, based on the SAP platform for insurance report­ing, FS-SR. The software creates reports in the format required by NAIC, offering numerous interfaces.

FS-SR-US is integrated with the architecture of SAP Financial Asset Management (SAP FAM, license package for SAP TRM) and the SAP support process through the Service Marketplace.

SAP FAM (Financial Asset Management) is a multi-asset, multi-GAAP investment accounting platform that meets the ambitious requirements set towards the complex US insurance industry.

More than 25 US NAIC company codes already report and deliver statutory data utilizing COMPIRICUS’ software packages to the NAIC

The Functions

Our software creates the following reports:

  • Schedule D, DA, E
  • Schedule DB
  • Schedule BA
  • Schedule B
  • Summary Investment Schedule
  • Supplemental Investment Risks Interrogatories
  • AVR/IMR
  • Footnotes and Supplemental Reports
  • Risk-Based-Capital (RBC) Reports

Reporting supports all processes related to the following:

  • Interfaces to AVS+ (Automated Valuation Service)
  • Interfaces to financial statement software providers and the NAIC
  • NAIC designation process (structured securities flow chart – SSAP No. 43R)
  • PDF and Excel creation
  • Online and batch execution
  • Several reconciliation reports for master data, NAIC designation and key figures
  • Drill-Down functionality

Our Approach

The COMPIRICUS team specializes in asset management and NAIC reporting. The reporting solution is integrated into your system environment and customized to meet your individual requirements.

Financial Service Statutory Reporting in foreign countries