As a highly regulated, ever-changing environment, insurance companies must take additional steps to provide assurance that they are compliant with industry regulations while maintaining sound business operations. Our audit and assurance services are designed to help P&C and life and health insurance companies meet rigorous regulatory demands while safeguarding their policyholders and stakeholders from potential risks.
The future and viability of your business depends upon what you do today, which means being proactive to mitigate future challenges. Our audit and assurance services for insurance carriers go beyond annual financial statement compliance audits (US GAAP and Statutory). We also advise insurance companies on:
- Federal and state tax
- Internal control assessment
- Policies and procedures
- Reinsurance contract review
- Adequacy of rates
- Organizational and cost structures
- Policy exclusions and limitations
- Reinsurance review and analysis
- Regulatory issues
- Competitive analysis
- Operational reviews
- Underwriting practice reviews
- Internal control assessment and fraud prevention
Ongoing consultation in these areas is provided to you and your management team at a level of service which you desire. We keep you up to speed throughout the engagement, culminating in a final discussion with management. We then develop a comprehensive report that is presented to the organization’s board of directors or audit committee following the engagement.
Brown Smith Wallace served as our independent auditor for six reporting periods, and during that time, they provided immeasurable guidance to our team on reporting changes associated with the implementation of GASB 68 and 75. They’ve always served as a trusted business advisor to us, making themselves available whenever we had questions surrounding potential vendor, staffing and internal procedure changes. Their experienced team provided best practice consultations and opportunities to increase the strength of our operational control environment.
Missouri Public Entity Risk Management Fund (MOPERM)
Larry Weber, Executive Director