Larson & Company began practice in 1975 with the central purpose of serving the insurance industry. We have grown to become one of the premier insurance audit firms in the nation as noted by Ward Group in their 2010 survey of the nation’s top insurance audit firms.
Insurance companies face a wide array of complex issues, from managing the risks of a successful business to complying with regulatory standards. We understand that insurance entities also have unique accounting concerns including the following:
* 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.
* Insurance companies must comply with unique tax rules and regulations with regard to their income. Many states use forms different from the standard state income tax forms for reporting premium tax income. Also, federal income tax calculations on insurance income include differences in discounting reserves for tax purposes and in making adjustments to unearned premium.
When choosing professional advisors to help you navigate the rapidly shifting waters of the insurance industry, you need experienced, knowledgeable professionals. Our insurance group is an integrated team of audit, tax, and advisory professionals delivering sophisticated business solutions to help our clients maximize their growth potential and remain competitive.
To learn more about the insurance field and how we can serve you, we invite you to continue browsing our website by clicking on the links below:
* Captive Insurance
* Insurance Entity Concerns
* Insurance Assurance Services
* Tax Compliance and Consulting
* Regulatory Compliance and Business Management
* Fraud Prevention and Detection
For more information contact Karsten Hatch.