Sovos Statutory Reporting Software is an advanced solution tailored for insurance companies to streamline their statutory reporting processes. This software automates the complex and time-consuming tasks associated with regulatory compliance, including reporting to the National Association of Insurance Commissioners (NAIC) and individual states. By eliminating manual data entry, cross-checking, and redundant processes, Sovos helps insurance companies significantly reduce the time and resources spent on compliance activities. The software addresses key challenges in insurance statutory reporting, such as:

• Automating annual and quarterly statement preparation
• Eliminating manual data cross-checking
• Reducing redundant data entry for NAIC statements and state compliance forms
• Simplifying the process of adding notes to financial statements
• Automatically monitoring NAIC and state filing changes By leveraging Sovos Statutory Reporting Software, insurance companies can improve accuracy, save time, and redirect their focus to more strategic business activities while ensuring compliance with regulatory requirements

Key Features

Automated Reporting Sovos Statutory Reporting Software automates the preparation and submission of annual and quarterly statements to the NAIC and states, significantly reducing manual effort and potential errors.

• Streamlined report generation for NAIC and state filings
• Automated data population across multiple forms and statements

Data Integrity and Cross-Checking The software implements automated data cross-checking mechanisms to ensure accuracy and consistency across all reports.

• Automated data validation and error detection
• Real-time data reconciliation across different reports and forms

Regulatory Compliance Monitoring Sovos keeps track of changing regulatory requirements and filing changes, helping insurance companies stay compliant.

• Automatic updates for NAIC and state filing requirements
• Proactive alerts for upcoming deadlines and regulatory changes

Benefits

Time and Resource Savings By automating manual processes, Sovos Statutory Reporting Software significantly reduces the time and resources required for compliance activities.

• Reduced man-hours spent on data entry and report preparation
• Freed up resources for more strategic business activities

Improved Accuracy and Reduced Risk The software's automated processes and data validation features minimize the risk of errors and potential compliance issues.

• Decreased likelihood of reporting errors and associated penalties
• Enhanced data consistency across all regulatory filings

Enhanced Efficiency Sovos streamlines the entire statutory reporting workflow, allowing for a more efficient compliance process.

• Faster report generation and submission
• Simplified data management and financial statement annotation