Reinsurance Company Formation & Administration
AVP Services
- AVP coordinates the formation of the Producer Owned Reinsurance Company.
- We provide the dealership with the product forms and sales material.
- Contract Submission can be done via web portal, email, fax or mail.
- AVP provides claims adjustment to your customers and controls the claims costs.
- Payment of claims is by credit card or check, as preferred by the repair shop.
- Monthly invoicing with summary and detailed billing spread sheets for the new contracts and incremental billing contracts.
- The AVP dealer portal provides, online access to the billing summary and detail billing reports, financials, contract and claims data, contract input, contract cancellation and other reports
- Monthly Accounting and Quarterly Reporting which includes Income Statements and Balance Sheets are available on the dealer portal.
- AVP coordinates the annual licensing and filings, to maintain a Good Standing Certificate for the reinsurance company.
- AVP coordinates the preparation of annual tax return for the Producer Owned Reinsurance Company.
- AVP prepares all required documents for your company distributions, and directions to the trust for use and investment of the available earned premium.
- In summary all back office administration and accounting performed or coordinated by AVP staff.
- AVP’s online dealer portal provides you to access your company’s operations at any time.
AVP Programs are available as reinsurance programs, where you earn the underwriting profits.
Reinsurance and the IRS
Producer owned reinsurance companies remain a viable and profitable option. Recent activity by the Internal Revenue Service (“IRS”) has heightened the importance of a properly structured and operated reinsurance company.
At AVP’s request MarksNelson CPAs has written an informative letter to help reinsurance company owners understand some of the current IRS audit issues when the IRS audits a reinsurance company and producing dealership. Click on the link below for the full letter.
Understanding Reinsurance Company IRS Audit Issues – MarksNelson CPAs
For more in-depth information on setting up a reinsurance company and the products offered please contacts us.
