Insurance Audit & Control Review Support

Insurance audit support examines reporting and operational controls around policy records, premiums, claims and intermediary relationships.

Finance leaders, audit committees and process owners preparing a defined review of records and controls can use this service to clarify a particular issue. A useful starting question is: “Does an insurer audit use the same scope as a broker review?” Begin with the facts behind that question rather than assuming that a standard package will resolve it.

The engagement can cover the following workstreams. The proposal specifies which apply to your matter and what evidence or specialist input is needed.

• Reconcile premiums claims and accounting records.
• Review underwriting and servicing controls.
• Examine regulatory-reporting evidence.

Start with the records below where available. They help establish the facts before a more specific checklist is agreed.

• Policy data.
• Claim files.
• Premium registers.
• Regulatory submissions.

Provide the relevant entity, transaction or reporting period and any existing notice or deadline. Identify missing or inconsistent records so they can be addressed explicitly.

Insurers and intermediaries have different responsibilities; the scope must identify which business and reporting framework are under review.

1. Define the question: reconcile premiums claims and accounting records, using the available policy data and the facts you provide.
2. Examine the evidence: review underwriting and servicing controls. Record unresolved information and the assumptions that affect the analysis.
3. Agree the action: examine regulatory-reporting evidence. Set the required deliverables, responsible owners and any follow-up or external dependency.

The proposal for Insurance Audit & Control Review Support sets out the analysis, documentation or coordination deliverables and the work you retain. The availability of policy data, claim files, premium registers and regulatory submissions affects readiness and the amount of follow-up needed. Fees and the working schedule are agreed after that initial assessment. Any required independent report, legal representation or authority application is identified as a separate responsibility where relevant.

• Internal Control Audit
• NBFC Compliance Audit
• NBFC Audit
• GIFT City Insurance Business Registration

Share a short summary of your Insurance Audit & Control Review Support requirement and the records already available. BIATConsultant can assess the proposed scope and explain the next steps.

• Request a Insurance Audit & Control Review Support consultation
• About BIATConsultant