Insurance Industry Committee

Committee Action Plan

Who We Are

The Insurance Industry Committee (the Committee) is a multi-disciplinary statewide committee of the New York State Society of Certified Public Accountants (NYSSCPA) that acts as a resource to society members and the public regarding current and developing domestic and international accounting issues and regulations, financial and management reporting, and business issues affecting the insurance industry.

What We Do

The Committee’s objectives include but are not limited to:

·         Addressing technical questions from NYSSCPA members.

·         Providing continuing professional education and presentation opportunities by conducting educational conferences and technical sessions in coordination with the Foundation for Accounting Education (FAE).

·         Monitoring new accounting rules and legislation related to the insurance industry.

·         Offering opportunities to provide comments on proposed new domestic and international standards, exposure drafts, pronouncements, or similar documents, as well as implementation and interpretive guidance.

·         Establishing committee liaisons with other Society committees, where applicable.

·         Sponsoring a conference each year, featuring relevant industry speakers, for members and interested parties.

·         Providing networking opportunities for members and their staff to connect and gain further knowledge and insights into the insurance industry.

·         Disseminating information through articles in The CPA Journal, The Trusted Professional and other NYSSCPA publications.

·         Building relationships with insurance associations, actuarial firms, law firms, and other organizations and institutions.

Our members engage in practice management discussions and exchange best practices within firms. The Committee generally meets monthly to discuss current issues and developments affecting the insurance industry.  Whenever needed and to ensure proper coverage of relevant subject matters, the Committee may consider discussing separately through sub-committees, topics that impact either property & casualty insurance companies or life & health insurance  companies. Meetings may include guest speakers who are professionals from insurance companies, actuarial firms, law firms and other related disciplines, covering topics relevant to the insurance industry.

Who Should Join

All NYSSCPA members in the insurance industry as well as those in private practice who audit or provide advisory services to the insurance industry should join. In addition, CPAs from regulatory agencies are encouraged to join.

Membership provides a unique opportunity to network with other professionals in the insurance industry field as well as to support the Society and the profession.