Insurance Company Audit

Posted By: JustMe!

Insurance Company Audit - 09/14/07 08:44 PM

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.

Posted By: Cornfed Turtle

Re: Insurance Company Audit - 09/17/07 05:22 PM

I searched and searched and couldn't find one either!


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

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.....)

Prior period income statement check
Expenses - check
Verify that the one to the Bank Cashier is the same.
Posted By: JustMe!

Re: Insurance Company Audit - 09/17/07 09:45 PM

Thank you Cornfed Turtle.

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

Thanks again!
Posted By: MidMOAuditor

Re: Insurance Company Audit - 09/18/07 02:02 PM

I didn't get to look as I'm working on writing a compliance report as we speak but you might check here.

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.