Financial reporting and recordkeeping obligations govern MGA accounts, audits, disclosures, and retention of insurance records. A company-form MGA must maintain a balance sheet, an accrual-based profit and loss account, a direct-method cash or fund flow statement, and any ... Summary
Financial reporting and recordkeeping obligations govern MGA accounts, audits, disclosures, and retention of insurance records.
A company-form MGA must maintain a balance sheet, an accrual-based profit and loss account, a direct-method cash or fund flow statement, and any additional statements required by the Competent Authority. A branch-form MGA must prepare financial statements in accordance with the accounting standards specified by its home country regulator. The financial year differs by form, and the regulatory framework governs the maintenance of books, records, and statements.
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