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#815925 - 09/14/07 08:44 PM Insurance Company Audit
JustMe! Offline
Gold Star
Joined: Oct 2005
Posts: 428
wishful thinking ...
Does anyone have an Audit Program for auditing an Insurance Company or know where to find one? The bank that I work for owns an insurance company and I need to perform an audit of the company. I have been unable to find any Audit Programs for this area.

Thanks!
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Audit
#816484 - 09/17/07 05:22 PM Re: Insurance Company Audit JustMe!
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
I searched and searched and couldn't find one either!

Meanwhile....

General: Review the org chart and the descriptive brochures

Compliance: Must have a complaint file with a copy of the "advice" from the insuring company (whose products are being sold)

If there are complaints, they must have followed the advice and forwarded copies to the insuring company within a certain timeframe.

Check advertising
Check for GLBA and Privacy Notices
Check for CIP/BSA/etc

Compensation:
BOD approved written compensation plan. Test commissions.
Review current licensing. Test recent sales to make sure sold by people with the correct line license.
No commissions to non-licensed people. (seems like an obvious one, but.....)

Financials:
Reconcilements
Prior period income statement check
Expenses - check
Verify that the one to the Bank Cashier is the same.

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#816822 - 09/17/07 09:45 PM Re: Insurance Company Audit Cornfed Turtle
JustMe! Offline
Gold Star
Joined: Oct 2005
Posts: 428
wishful thinking ...
Thank you Cornfed Turtle.

The info you provided will be a good start for us.

Thanks again!
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#816976 - 09/18/07 02:02 PM Re: Insurance Company Audit JustMe!
MidMOAuditor Offline
100 Club
Joined: Aug 2007
Posts: 105
Missouri
I didn't get to look as I'm working on writing a compliance report as we speak but you might check here.

http://www.auditnet.org/freeaccess.asp

The site is a little confusing and cluttered but scroll down and you will find a bunch of audit programs people have submitted for others to use.
Last edited by MidMOAuditor; 09/18/07 02:03 PM.
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