Fundamentals of P&C Statutory Accounting and Reporting

Produced by the Knowledge Center, expert training from S&P Global Market Intelligence

P&C Statutory Accounting and Reporting provides a comprehensive understanding of the foundations of the financial statements of P&C insurers.

Classroom instruction is designed to enable you to understand the information contained in the financial reports by understanding statutory accounting definitions, the differences between statutory and GAAP accounting, insurance regulatory concepts, and required financial reporting.

You'll come to understand the components of a P&C company’s income statement, balance sheet and cash-flow statement. You’ll discover the industry’s statutory accounting standards, reserving policies and how changes in external variables (such as interest rates and asset prices) can affect a company’s financial statements.

Why two days for an introductory level program?

Because you're looking for more than a gloss of the subject. In one way or another, the knowledge you gain from P&C Statutory Accounting and Reporting will be the basis of your livelihood and a strong foundational understanding will be critical to your future performance. You’ll need this knowledge to succeed whether you’re working within the insurance industry or performing financial, credit or transaction analyses from outside.

Two full days give you the opportunity to explore the subject in the depth it deserves. You'll have time to work with actual financial filings – learning what the line items mean, and discovering the interrelationships between the accounting components, and how the numbers flow into P&C company financial statements.

Program objectives:

  • Learn and define the terms used in P&C statutory accounting and reporting
  • Distinguish the types, risks and financial impact of the prevalent P&C insurance product lines
  • Understand the components of an insurance company’s income statement, balance sheet and cash-flow statement
  • Recognize the impact of differing accounting standards, reserving policies and changes in external variables (such as interest rates and asset prices) on the financial statements

This program presumes an interest in learning the foundations of the P&C insurance business and accounting.


Kevin Oates

Independent Consultant and Instructor

Kevin has spent his entire career in the insurance industry and since 1996 has worked as an independent consultant and instructor conducting in-house and open enrollment training for Wall Street and industry firms.

He has held positions as a SVP of an international insurance/reinsurance consulting firm, executive financial positions with holding companies and underwriting organizations, and as vice-president of reinsurance operations with a reinsurance intermediary.

His teaching experience includes being an adjunct instructor of accounting at Queens College, Rutgers University, and an instructor in P&C insurance accounting and annual statement preparation at the New York College of Insurance.

Kevin has an MBA in Corporate Finance from Rutgers University. He is a Fellow of the Life Management Institute (FLMI), and holds the Associate in Reinsurance (ARE), and Associate in Insurance Accounting and Finance (AIAF) designation from the Insurance Institute of America.

He is the author of the Reinsurance Accounting Chapter of the Strain Reinsurance Textbook and a contributing author to the NAIC Receiver's Handbook.

Fundamentals of P&C Statutory Accounting and Reporting Agenda

WEDNESDAY, September 13th
08:00 am
Registration and Continental Breakfast Opens:
08:30 am
Introduction and Overview:
  • • Key principles
  • • Risks
  • • Policy characteristics
  • • Regulation
09:30 am
Accounting Overview:
  • • Statutory Accounting
  • • One Universal Truth
  • • Statutory vs GAAP
10:15 am
10:30 am
Introduction to Statutory Financial Filings:
  • • Main components
  • • Financial statements overview
  • • The Annual Statement Process
12:00 pm
1:00 pm
The Balance Sheet: Assets:
  • • Major Line Items
  • • Securities Valuation
  • • Goodwill
1:45 pm
Premium Accounting:
  • • Overview
  • • Audit premiums
  • • Impairment overview
2:30 pm
2:45 pm
The Balance Sheet: Liabilities:
  • • Overview
  • • Underwriting and Investment Exhibit
5:00 pm
Day One concludes:
THURSDAY, September 14th
8:00 am
Continental Breakfast Opens:
8:30 am
  • • Risks
  • • Exhibits
  • • Summary of Guidelines
  • • Flow Concept
09:15 am
Loss and Loss Adjustment Expenses:
  • • Loss Cycle
  • • Reserve Discounting
  • • Claim Flow
  • • LAE Incurred
  • • IBNR Calculation
10:15 am
10:30 am
Income Statement: Capital Account:
  • • Capital items
11:00 am
Underwriting Expense & Cash Flow:
  • • Distribution of expense component
  • • Allocations to expense groups
  • • The cash cycle
12:00 pm
1:00 pm
Schedule P:
  • • Loss reserves and triangles
  • • Formulas
  • • Calendar Year vs Accident Year
  • • Purpose and comments
2:30 pm
2:45 pm
Reinsurance and Schedule F:
  • • Purpose and background
  • • NAIC collateral reform
  • • Penalty
4:00 pm
Risk Based Capital:
  • • Understanding and definition
  • • Action Table
  • • Risk categories
5:00 pm
Program Concludes:

Ticket Info

Early Bird Rate:
$1,795 (through July 28)

Regular Rate: $1,995


Event location

Chicago, IL

Your registration includes all program work materials, plus continental breakfast and lunch both days.

New special discounted combo price! For $3,590, take both Fundamentals of P&C Statutory Accounting and Reporting and Financial Analysis of P&C Insurers. To register at this special price, please contact us at +1 (888) 991-7786. Group pricing and in-house options are also available.

Downloads & FAQs

Insurance Sector Training Course Catalog

Who attends?

Fundamentals of P&C Statutory Accounting and Reporting provides a foundational knowledge of the accounting and reporting practices of P&C insurers. It is of highest value to:

  • Buy-side and sell-side investment analysts needing the first step towards understanding and analyzing P&C insurers
  • Entry-level insurance company accounting and audit professionals
  • P&C underwriters looking for insight into the financial effects of their activities on the company.
  • Insurance company IT professionals wanting to understand the accounting and reporting flows that are the basis of their projects.
  • Legal advisor and management consultants engaged in developing a big picture understanding of the P&C insurance business

This program presumes an interest in learning the foundations of the P&C insurance business and accounting.

What is the dress code? 

Business casual.

Do I need a laptop?

What is the cancellation policy?
Cancellations for this program are eligible for a full refund, less a $150.00 administrative fee, if received at least 15 business days prior to the start of the program. Cancellations received after that date but at least 5 business days prior to the start of the program receive a credit in the amount of the registration fee, less a $150.00 administrative fee, to attend another Knowledge Center program within 13 months. Cancellations received fewer than 5 business days prior to the start of the program are not eligible for a refund or credit.

Attendee substitutions from the same company may be made at any time.

In the event of a cancellation from a group discount, refunds or credits are issued beginning with the most heavily discounted price, minus a $150.00 administration fee.

"No shows" - or those who cancel within 15 days of the program - and have registered under the Invoice option, remain liable for the full program fee.

The Knowledge Center reserves the right to cancel/change programs, content, speakers or venue at any time. The Knowledge Center reserves the right to make portions of the program registration information available to program sponsors. The Knowledge Center will not be held liable for any costs incurred by registrant due to individual registration cancellation. In the event that a seminar is cancelled due to inclement weather, faculty cancellation or force majeure, the Knowledge Center will refund the registrant's tuition in full, however the Knowledge Center will not be liable for incidental or consequential out of pocket expenses incurred by the registrant. If you have questions regarding the Knowledge Center's refund, complaint or program cancellation policy, please call us at (434) 951-7786.

Registrant, as an individual person attending a Knowledge Center conference, seminar, or other program, hereby grants permission to the Knowledge Center to use and publish his or her image, likeness, or testimonials collected in connection with the program for advertising and trade purposes in connection with the Knowledge Center’s conferences, instructional, and/or marketing activities.

Continuing Education Credits

14 Hours of Continuing Education Credit
The Knowledge Center is registered with CFA Institute as an Approved Provider of professional development programs. This program is eligible for 14 CE credit hours as granted by CFA Institute. If you are a CFA Institute member, CE credit for your attendance at this event will be automatically recorded in your CE Diary upon request.
16 Hours of CPE Credit
Participants who complete this program qualify for 16 hours of CPE credit (Specialized Knowledge and Applications). Program Level: Intermediate. Delivery Method: Group-Live. Knowledge Center is registered with the National Association of State Boards of Accountancy (NASBA), as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 4th Ave N, Ste 700, Nashville, TN, 37219-2417. Website: