In 1945, the states through the McCarran-Ferguson Act started to regulate insurance companies. Through this simple process, all insurance agencies had to maintain a particular sum, whether by cash or other monetary materials that are readily available whenever an urgent claim arises. Mandated by the state, insurance companies have to comply with this requirement. For insurance companies, making sure that statutory reserves are part of their plan is vital. As a guide, this article features well-written and professional statutory reserve templates that companies can include in their business plan.
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1. Insurance Business Plan Template
Business plans have different parts with significant purposes that benefit the company. Besides the usual marketing plans and financial projections, businesses need a backbone. For insurance companies, statutory reserves become an important asset as it brings in confidence to the investors and clients. The Insurance Business Plan Template has organized layout for the benefit of agencies who are unsure of the contents of their business. Get this guide template today!
2. Insurance Proposal Template
The state has a directive about the inclusion of statutory reserves in the functions of an insurance company. With that, insurance agencies should include these parts in their proposals relevant. The Insurance Proposal Template contains all the elements that help entrepreneurs in planning the future of their business. You don’t have to worry about anything because this template has more than five pages of well-written content. Download now!
3. Sample Insurance Agency Business Plan
Regular changes in the work environment require adjustments in the business plan. In the insurance industry, companies adapt to the innovation of modern times. Equip yourself with the right tool and grab a copy of the Sample Insurance Agency Business Plan. The template has an editable format complete with contents you can modify at your convenience. Don’t wait for tomorrow and download a copy right now!
5 Steps in Making a Statutory Reserve
Step 1: Know Your Business Better
The state mandates insurance companies to have statutory reserves in their vaults or bank accounts. Thus, every insurance agency has to maintain a specific amount of money to ensure that they’ll meet obligations they have on their future clients. Before creating the statutory reserves, insurance companies need to be better equipped with information about their business. What are the objectives and motives of the company? How do you continue fulfilling the services for the common good? Knowing the answers to these questions makes the process easier to follow.
Step 2: Discuss the Sum
Companies need to thoroughly discuss the division of their assets. Determine the sum for the statutory reserve and the money designated for investments. You also have to allocate funds for the maintenance of the company. Include all these things in your budget plans. Have a balance sheet to have a clearer view of where your company is heading.
Step 3: Enumerate the Insurance Products it Covers
List down all the products that the statutory reserve covers. Then, calculate the amount that each product will need to have with relations to the assets you currently possess. The sum becomes the assets that you need to maintain in your reserve banks or depositories.
Step 4: Talk About Calculation Methods
There are two methods to calculate statutory reserves. First, the rule-based approach has a more rigid procedure with specifications on the amount of reserve set depending on the formulas and assumed funds of the company. Second, the principle-based approach has more leeway as it allows insurance agencies to decide on the volume on their reserves. Whichever method you choose, you need to make sure that it has relevance to the setting of your company.
Step 5: Add The Document to Your Plan
After completing the content of the statutory reserve, you can add the document to your insurance sample business plan. Update the file, especially when there are financial changes in the business. More than ever, keep your records up to date to avoid errors and deficits.
4. Insurance Agency Business Plan Template
For those you want to add a tiny touch of color to the layout of their business plan, this sample is the right one for you. The Insurance Agency Business Plan Template has a well-arranged setup with different sections for the assumed cash flow and financial statements that the company will undertake. You can download this template together with a flyer sample; click the button now!
5. Insurance Needs Analysis Template
In making the statutory reserve, you have to analyze coverage of each insurance need. Gathering the data for these insurance products and analyzing its content is necessary to know where you stand. The Insurance Needs Analysis Template features a clean and orderly format to help insurance companies with their organizational processes. Make haste and download this analysis template right away!
6. Startup Business Plan Template
Startup example insurance businesses need to obtain statutory requirements to validate their company. Besides that, business owners also have to include capital and marketing tools to secure the survival of the company. The Startup Business Plan Template has a well-organized format with over ten pages of professional content for the benefit of directors. Get your hands on this template right now!
7. Business Plan Outline Template
Sometimes, having an outline of your business goals makes the planning and strategizing process easier. For those people searching for a business plan outline to use for their promotional plan, this template is something to consider downloading. The Business Plan Outline Template has a systematic layout, which makes editing very comfortable. Don’t let the chance slip away; click now!
8. Simple Business Plan Template
Worried about where to start with your insurance business plan? Well, better leave those concerns behind because this template is the one you need to have for your company. The Simple Business Plan Template has a professional setup matched with legible font styles for the benefit of readers. Grab a copy of this business template this instant!
9. Free Sample Insurance Flowchart Template
After the business plan is complete, you can add an insurance flow chart to help agents with the processes of insurance claims and such. The Free Sample Insurance Flowchart Template comes with a simple and easy-to-navigate format that you can revise according to your preferences. Don’t miss the opportunity and download it right away!
10. Principle-Based Reserves Sample
Insurance companies who prefer the principle-based approach for their statutory reserves will find this sample advantageous. When making they’re calculating the valuation of their funds, they need the precise amount to avert problems in the future. The Principle-Based Reserves Sample contains professionally written content with an organized layout to appease the difficulty of the task creating a statutory reserve. Get this template right now!