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The International Perspective: Second Stage Accounting |
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International Results |
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IGP combines the experience of each participating local insurance policy (First Stage Accounting) to create the client's International Account. An annual Second Stage Accounting is then prepared for each of these policies, which generates additional savings by taking into account the expenses, risk, and claims of the company's entire pooled employee group worldwide.
In this accounting:
- Expense and risk charges are based on competitive standards and reflect the economies of scale that result from buying coverage in several countries from a single source. They also reflect the reduced risk resulting from combining the experience of the policies worldwide.
- Claims are the actual claims and/or pooled claim charges. Pooled claim charges limit the amount of individual claims that can be charged to the International Account. This protects the account from deficits caused by the death or disability of a highly compensated individual.
The annual Second Stage Accounting determines, for each policy, a Contribution to the International Account (CIA), as follows:
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Premium Paid
Plus:
- Investment Income Earned on any Reserves Established Under the Policy
- Investment Income Credited (Debited) on Premium Float (Where Applicable)
Less:
- Claims and Change in Reserves (if any)
- The Expense and Risk/Profit Charges Determined in Accordance With IGP Standards
- Commissions
- Taxes
- The Local Dividend Paid (if any)
Equals:
Contribution to the International Account
The Contribution to the International Account (CIA) is positive if the experience has been average or better than average in a given year, or negative if the experience has been poor.
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Customer
Center
Self-experienced IGP customers can log on to the
IGP Customer Center, a secure website where they can review the status of their IGP account.
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Contact
Me
Want to learn more about IGP in
general and what we can do for you? Simply fill out the
following form, and we'll contact you at your convenience.
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