Electronic statement preparation
OwnerPaul Tinnirello, Arthur Snyderinventors
Life of this patent
Estimating the term…
Abstract
The invention relates to a system and method for collecting data for use in financial regulatory compliance in the insurance industry. In a preferred embodiment, the invention includes a standardized financial statement for completion by an insurance company. The financial statement provides detail on each insurer's business and investment risks, as well as information on insurance claims and reserves. The financial statement is one of several elements used by regulatory agencies and insurance-industry services providers to assess the financial strength of an insurance company. This assessment provides a reliable, objective means of indicating the financial strength and performance of insurance companies.
Claims16
A method for collecting data, comprising:
- initializing a software-based insurance industry-related financial statement;
- entering a first insurance industry-related datum in response to a first query;
- entering a second insurance industry-related datum in response to a second query;
- checking the type and format attributes of each datum;
- determining whether each insurance industry-related datum is in compliance, wherein the compliance of each datum is determined by whether it conforms to electronic filing specification criteria;
- validating the first and second insurance industry-related data;
- determining whether the first and second insurance industry-related data are accurate, wherein the accuracy of the first and second insurance industry-related data is determined by whether the first and second insurance industry-related data have a relationship that conforms to a prescribed formula;
- creating a failure explanation file and creating an entry in the failure explanation file if the first and second insurance industry-related data are not accurate;
- assembling at least the first and second insurance industry-related data into component files;
- creating an electronically secure data file comprising the component files;
- transferring the data file to the originator of the financial statement.
A method for collecting insurance industry-related data, comprising:
- establishing communication between a provider of host services and a user terminal via network connection;
- accessing a data file including information previously received from the user terminal by the provider of host services;
- determining whether the user terminal has a most recent version of a software program installed;
- optionally executing a software program to update or install software on the user terminal configured to collect insurance industry-related data;
- collecting more than one insurance industry-related datum;
- determining whether each insurance industry-related datum entered into the software program is in compliance by checking the type and format attributes of each datum, wherein an insurance industry-related datum is considered to be in compliance when it conforms to electronic filing specification criteria;
- determining whether the insurance industry-related data entered into the software program is accurate by validating at least one datum with at least one other datum, wherein insurance industry-related datum are considered to be accurate when they conform to a prescribed relationship;
- creating a failure explanation file and creating an entry in the failure explanation file if the insurance industry-related data is not accurate, the entry comprising a failure explanation message;
- assembling the insurance industry-related data into component files;
- creating a data file comprising the component files;
- transferring the data file to the originator of the financial statement.
Dependencies are inferred from the claim text.