Insurance

A&A

A Conversation with Barry Goldwater: Handling High Net Worth Clients

As CPAs get deeper into financial services and wealth management, they will have to solve more and more complex financial problems which often cut across unfamiliar planning territory. One group of clients many firms hope to close, can be both challenging and rewarding. They are high net worth individuals, those clients who fit into the $10 million-and-above club. If you are fortunate in grabbing the opportunity to inform and perform for high net worth clients, you must stop and think about what is important to this group.What drives and motivates them?
Community News

E&Y Promotes Insurance Standardization

Ernst & Young believes the global insurance industry could capitalize on its successful introduction of International Financial Reporting Standards (IFRS) by standardizing presentation and disclosure to improve the value of financial reporting. "Insurance companies have clearly made a big investment to comply with IFRS standards. Yet, due to complexity and scope of the reports, it is still difficult to understand relative performance," said James Dean, IFRS practice leader for Ernst & Young’s Global Insurance Center.

The Importance of CPAs Working With Insurance Advisors

Do you remember when we were kids, and we took out that old chess set or Monopoly game only to find pieces missing? What did we do? We played anyway, improvising with cardboard-made replacements or without any replacements at all. Eventually, what we were missing would catch up to us, but we crossed that bridge when we came to it. This is analogous to CPAs integrating their business platform into financial services. It is the right move, but without the correct strategic pieces in place it very often ends up as an exercise in futility.
Practice Management

Accountants get another choice in professional liability insurance

The Navigators Group, an international insurance holding company, on Monday introduced APL InNAVation(sm) Accountants Professional Liability (APL) policy for accounting firms. “The accountants professional liability marketplace is underserved,” Brian Braden, Vice President of Navigators Pro, a division of Navigators Management Company, said in a prepared statement.
A&A

Home Depot Improves Small Businesses with Easy Access to Business Services

Small businesses looking for affordable business services can find them at Home Depot. More than 12,000 small business owners have registered for the Business ToolBox since it was launched by the world’s largest home improvement retailer. The program offers one-stop shopping for a collection of discount business services and products.
Technology

Celebrity Gift Bags: "Thanks, But No Thanks"

Celebrities who receive over-the-top thank you gifts may start thinking twice before throwing them into the limo and taking them home.The Internal Revenue Service (IRS) has its eye on the loot. Celebs will be required to pay taxes on the gift bags they receive at award shows.

Racing Economics: Horse Tales

Purchasing a racehorse is a risky investment in which the odds of hitting it big for most owners are about as long as getting an entry into this weekend’s Belmont Stakes.Even for the high rollers who pump millions of dollars into the sport, the sheer enjoyment of competing often outweighs grandiose visions of handsome paydays, said Dan Metzger, president of the Thoroughbred Owners & Breeders Association in Lexington, Ky.
A&A

FASB Invites Comments on Insurance and Reinsurance Contracts

The Financial Accounting Standards Board (FASB) is seeking constituent comment and perspectives on the potential bifurcation of insurance and reinsurance contracts into insurance components and financing components as part of a broader initiative to improve the financial reporting for insurance accounting.Advertisement

Travel insurance: Peace of mind or waste of money?

Travel insurance is nothing new. In recent years, however, it has attracted more attention and the debate regarding the value of the policies has grown more pronounced. Coverage has also expanded to include business travelers, extreme sports participants, and expatriates, among others. How does a traveler know if travel insurance is worth the investment?Like any kind of insurance, part of the value of travel insurance depends on a traveler's own tolerance for risk. The rest of the value equation involves the cost and length of the trip, the purpose of the trip, and the destination.
A&A

For Small Businesses Quality Insurance is Key to Keeping Employees, Profitability

For 36 percent of small business decision-makers responding to a survey commissioned by Aflac, their current health benefit offering has negatively affected business. Nearly two-thirds of respondents are concerned about their company’s ability to provide a benefits package that will attract and retain employees.
A&A

Flooding Hits Northeast Testing Financial Preparedness on Eve of Hurricane Season

Rivers crested after record rains eased in the Northeast U.S. on Tuesday leaving behind damage from some of the worst flooding the area has seen in nearly 80 years. As with the aftermath of last year’s hurricanes, many homes and businesses will not survive because the three states hardest hit by the flooding have relatively low participation rates in the federal flood insurance program, according to the Boston Globe.
A&A

Hartford Introduces Professional Liability Insurance for Private Accounting Firms

Accounting firms with up to 50 accounting professionals on staff can now look to the Hartford Financial Services Group, Inc. for their professional liability protection as well as their general business insurance needs and financial services products. The Accountants Professional Liability product provides coverage for certified public accountants and other accounting professionals, including public accountants, enrolled agents, tax preparers and bookkeepers.
Technology

Single Enterprise Electronic Signature Platform Helps Eliminate Paper Not Control

The first enterprise electronic signature platform supporting multiple high-volume processes and document delivery was introduced Monday by Silanis Technology.

Insurance Bill: Bane or Benefit to Employers, Employees?

The "Health Insurance Marketplace Modernization and Affordability Act of 2006" (S1955) is drawing fire as being neither modern nor affordable. Sponsored by Michael Enzi(R-WYO), supporters claim the bill will help more businesses and employees afford health care benefits.
Community News

Revamped Site Offers Info on Accounting Standards for Insurers

The Group of North American Insurance Enterprises (GNAIE) has redesigned its website,

More Middle-Income Americans Go Without Insurance

The numbers of middle-class Americans lacking health insurance has risen sharply, while the percentage of employers offering health benefits has declined, according to recent health care research studies.Advertisement

Costs of Lifetime Injuries In Billions

A new study shows that medical expenses and losses in productivity amount to an estimated $406 billion for the lifetime cost of injuries for a single year in the United States.

Knowledge is key to safety for executives traveling abroad

The world is full of opportunities. It is also filled with dangers, or at least parts of it are. American executives and entrepreneurs traveling throughout the world have come to realize that their mere presence in some countries or communities, can present groups targeting Americans with tempting opportunities and put their lives at risk.Knowing the risks and understanding the follow-through to make it back safely is where a security specialist or consultant can provide executives with a valuable service and peace of mind.
Tax

AIG Reaches Settlement While Investigation of Execs Continues

The Securities and Exchange Commission (SEC), last week simultaneously announced with the Office of the Attorney General of New York State and The U.S. Department of Justice, (DOJ), the filing and settlement of charges that American International Group, Inc. (AIG) committed securities fraud. The agreement also settles charges against the company by New York and The DOJ of claims related to bid rigging and practices involving workers’ compensation funds.

Pages