The financial statements will need to be detailed enough to conduct an actuarially sound analysis of all income sources, including premiums, investment income and profits from the sale of assets. On the expense side, insurers must disclose salaries, commissions, consulting fees, legal expenses, advertising costs and other business expenses. One provision that is likely to attract attention in the industry is a requirement for each insurer to list the salaries of its twenty most highly compensated employees, which would include all other forms of compensation along with the salary, although it is not required to disclose the names of those employees. The financial statement must also include a summary of claims or settlements paid, with that information identified and categorized separately for each ZIP code in the state.
New York bill targets auto insurers with sweeping transparency mandate & more related News Here
