What is a Convention Statement?
Convention statements are documents that must be filed yearly by life insurance companies. These annual statements must be filed in accordance with the laws of each state where the life insurance company is licensed to operate. In addition, each jurisdiction may require something other than a blanket convention statement, either in terms of the arrangement of the data or the degree of detail included in the statement. While the exact structure of the convention statement may vary from one instance to another, there are a few basic types of information that are universally included. For each annual statement, the life insurance company must include the current financial status of the company by including details about the assets currently in the control of the corporation. This helps to ensure that the company has the resources to back up the policies issued to persons that are citizens of the jurisdiction. Second, a convention statement will also include details about the any current l
