INSURANCE REGULATORY REPORTING PROCESS

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[ ] Fetch Unprocessed Claims: Retrieve all claim entries from the Claims Data Model with status 'Pending Review'.
[ ] Fetch Regulatory Deadlines: Retrieve upcoming filing deadlines from the Regulatory Calendar Data Model.
[ ] Calculate Total Claim Value: Sum the 'Claim Amount' property of all retrieved unprocessed claims.
[ ] Calculate Reserve Adequacy Ratio: Calculate the ratio of current reserves to total claim value to determine if additional provisioning is needed.
[ ] Assign Actuarial Review: Create a task for the Actuarial Department to verify the accuracy of the calculated reserves.
[ ] Actuarial Verification Checklist: Internal sub-steps: Verify claim data integrity, validate formula accuracy, and confirm reserve compliance.
[ ] Update Claim Status: Update the status of claims from 'Pending Review' to 'Reviewed' after verification.
[ ] Create Regulatory Draft Report: Generate a new entry in the Regulatory Reports Data Model containing the aggregated claim data.
[ ] Compliance Officer Approval: Create a task for the Compliance Officer to review the generated draft report.
[ ] Generate Final Regulatory PDF: Generate a formal PDF report summarizing the period's claim activities and reserves for submission.
[ ] Notify Regulator: Send the final report and summary via email to the official Regulatory Body contact address.
[ ] Finalize Report Record: Update the status of the Regulatory Report entry to 'Submitted' and timestamp the completion.
[ ] Alert Compliance Head: Send an SMS notification to the Head of Compliance confirming the successful submission of the regulatory filing.

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