Listed below are recent examples in which Invotex professionals provided services to clients in the insurance industry:
- Invotex provided direct assistance to the Board of a large health insurer as it tried to address issues raised by the state insurance regulator. Those issues related to intercompany transactions, the application of the fair and reasonable standard and to certain issues relating to governance over an affiliate.
- An Invotex managing director was commissioned by the National Association of Mutual Insurance Companies (NAMIC) to perform a cost-benefit study of the then-proposed changes to the NAIC Model Audit Rule which had included certain SOX-like provisions. As a result, the new Annual Financial Reporting Model Regulation is widely viewed by many as being more cost-beneficial to insurers than the original NAIC proposal. Data resulting from the study was critical to the ensuing debate between industry representatives and regulators, culminating in key changes to the final model that are expected to significantly reduce the cost of implementation to insurers.
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