Search
 

Most financial departments have yet to begin transmitting their numbers via the eXtensible Business Reporting Language (XBRL), but that is likely to change over the next few years. With adoption of the standard by the NAIC and a push from industry organizations, accounting firms, and service providers, the day may come when insurance carriers find it easier to submit statutory reports to regulators and pull data for their own use from the reports submitted by their peers. Will it prove to be their lucky day?By Robert Regis Hyle

For being just five years old, the eXtensible Business Re-porting Language (XBRL) has gained some important fans in the insurance world, not the least of ...

By Robert Regis Hyle | Updated on December 31, 2003

For being just five years old, the eXtensible Business Re-porting Language (XBRL) has gained some important fans in the insurance world, not the least of whom include the National Association of Insurance Com- missioners (NAIC), the people with the charge to keep an eye on the insurance industry and (some would say) make life miserable for the carriers of the country. Although that latter job description is nowhere to be found in the NAIC charter, insurers are to be excused if they are somewhat leery of the regulatory world. Fifty regulators in 50 states make statutory reporting a nightmare, both in the submission of reports and the access insurers desire to the reports submitted by their peers. Thats why the NAICs move to adopt a standard that will make the reporting process much easier is a sign commissioners dont really hate insurers after all.

Security National Life, like many insurance carriers, submits its reports to the states on PDF files that are sent electronically. This is more beneficial than the paper-form days, but Steve Sill, vice president, treasurer, and CFO of Security National Life, knows the system has its drawbacks. [PDF files] make it hard to exchange data with other companies, he says. Its pretty important to know what your competitors are doing and get that type of information. As he points out, an insurers annual report to the department of insurance in the states in which it operates are public documents, so any step to have a standard reporting language will make it simpler for carriers to get the information they need.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.