VP Finance & Statutory Accounting

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A Day in the Life

The VP Finance & Statutory Accounting is the senior financial officer of the annuity carrier platform during its formation and early operating phase. This is a combined role — intentionally designed to consolidate functions that would ultimately be separated across a Controller, a VP of Financial Reporting, and a VP of Financial Planning & Analysis as the carrier reaches scale. In the startup phase, one senior leader must own them all.

The VP of Finance & Statutory Accounting will build the carrier’s financial infrastructure from the ground up: establishing the statutory reporting framework, implementing the chart of accounts, executing the NetSuite–Equisoft integration, managing the purchase accounting process for the acquired shell, coordinating with the appointed actuary on reserves and capital, and producing the first statutory financial statements filed with the domiciliary state regulator.

This role requires a practitioner who understands the fundamental difference between statutory accounting principles (SAP) and GAAP — and who has operated within a life or annuity carrier’s finance function, not just alongside one.

Lendistry: Who We Are

We’re proud to be the nation’s largest minority-led, tech-savvy lender for small businesses and commercial real estate. As a certified Community Development Financial Institution (CDFI) and Community Development Entity (CDE), our mission is all about creating economic opportunities and fueling growth for small business owners and their communities. Join us as we pave the way with innovative financing and financial education!

Engagement Context

The Company is a newly formed annuity carrier operating within the following confirmed financial and operational status:

Shell acquisition and redomestication in process

Capital contributed; Investment Policy Statement in place

Board and Finance/Audit Committee chartered

Accounting system: NetSuite (integration to Equisoft PAS in progress)

Policy Administration System: Equisoft

Actuarial partner: Milliman (pricing, reserves, capital requirements)

Outside accounting firm engaged for purchase accounting and tax

Target product: MYGA (initial launch); FIA and RILA on development roadmap

Reinsurance strategy in development

The VP of Finance joins an active carrier formation — not a planning exercise. The financial infrastructure does not yet exist. Building it is the job.

Coordination & Governance

Reports to (interim): Bridge Leader

Reports to (permanent): CFO or CEO, as organizational structure develops

Bridge Leader authority: Master project workplan, overall carrier standup, vendor governance

VP Finance authority: All financial reporting, statutory compliance, accounting operations, budget management

Milliman coordination: Monthly reserve review, capital reporting, RBC calculation — VP Finance owns the financial integration of actuarial output

Outside accounting firm: Purchase accounting, tax structuring, and audit — VP Finance is primary management liaison

Decision escalation: Capital calls, reinsurance treaty financial terms, investment policy changes escalate to Bridge Leader and CEO

What You’ll Be Doing

Short-Term (Days 1–180) — Build the Financial Infrastructure

Statutory Chart of Accounts: Design and implement a statutory chart of accounts in NetSuite aligned to NAIC Annual Statement requirements for a life and annuity carrier. Establish account mapping logic between NetSuite and Equisoft for automated GL posting.

NetSuite–Equisoft Integration: Co-own the accounting system integration with the VP of Operations. Define financial requirements, test GL posting logic, validate premium, commission, and reserve entries through first financial close.

Purchase Accounting: Lead the financial accounting for the shell acquisition in coordination with the outside accounting firm. Manage purchase price allocation, opening balance sheet, and fair value adjustments for the existing carrier block. Ensure compliance with applicable GAAP and SAP purchase accounting standards.

Statutory Reporting Framework: Establish the statutory reporting infrastructure required for NAIC Quarterly and Annual Statement filings, including the Actuarial Opinion Memorandum coordination with Milliman, risk-based capital (RBC) calculation, and state premium tax returns.

First Financial Close: Execute the first monthly close on a timetable consistent with regulatory reporting requirements. Establish close procedures, account reconciliation standards, and financial controls documentation.

Seller Communication — Financial: Manage all financial aspects of communications with the seller, including cession operations, existing block reserve settlements, and transition services payments, in coordination with the Bridge Leader and outside counsel.

Investment Accounting Setup: Establish investment accounting in coordination with the investment manager, including Schedule D reporting, interest accrual, unrealized gain/loss tracking, and asset-liability management data feeds to Milliman.

Long-Term (Months 6–24+)

Develop and execute the carrier’s long-term financial strategy in alignment with the Three-Year Insurance Strategy Roadmap.

Build the internal finance organization, including Controller, financial reporting, FP&A, and reinsurance accounting functions, in accordance with the organizational design and hiring plan.

Transition from hands-on operator to executive manager of the finance function as staff are hired and roles are separated.

Lead the carrier through its first full statutory audit cycle, including coordination with the appointed actuary, outside auditors, and domiciliary state examiner.

Develop and manage the carrier’s capital management framework, including surplus monitoring, dividend capacity planning, and reinsurance capital relief strategy.

Ongoing

Statutory Financial Statements: Produce accurate and timely NAIC Quarterly and Annual Statement filings. Own all associated schedules including Schedule A (real estate), Schedule B (mortgages), Schedule D (bonds and stocks), Schedule DA (short-term investments), and the actuarial-linked exhibits.

Reserve & Capital Coordination: Integrate Milliman’s reserve and RBC outputs into the statutory ledger. Own the financial elements of the Actuarial Opinion process. Monitor surplus and RBC ratios against regulatory minimums and Board-established targets.

Reinsurance Accounting: Manage all reinsurance cession accounting including assumed/ceded premium reporting, treaty settlement statements, recoverable tracking, and Schedule F preparation.

Budget & Forecast: Develop and maintain annual budgets, rolling forecasts, and long-range capital plans. Report v