March is here, bringing year-end financial reporting processes throughout the insurance industry. The late winter and early spring days include familiar rituals for the owners of independent insurance agencies in the property-casualty industry: preparing and filing personal and business tax returns to the state and federal governments, and preparing and submitting agency financial statements to lenders and/or investors.

Although it may be tempting to breathe a sigh of relief when you're done with the paperwork, keep in mind that bankers will be looking more closely than ever at the financial statements you submit to meet loan reporting requirements. Expect that your loan will come under unprecedented scrutiny, for any justifiable reason -- material, technical or otherwise.

Even though it seems like the banking crisis is old news, banks continue to be cautious with their loan portfolios. Banks are on the lookout to cut from their loan portfolios any borrower who might raise eyebrows with regulators.