Contemporary regulatory standards require that insurers develop and then continually challenge the adequacy of their risk assessment and management programs. In turn, insurance regulators need experienced, hands-on assistance in evaluating an increasingly complex array of such programs and their various risk mitigation strategies and controls. Such tasks can be especially challenging given the particular universe of constantly-changing risks that face each insurer.
If financial stress overcomes an insurer’s ability to maintain its financial soundness, more urgent needs arise. Regulators must evaluate the root causes and provide proactive oversight, which can include the development, approval, and implementation of remediation or rehabilitation plans. In extreme situations, the company will be liquidated.
Invotex is a leader in responding to initiatives by state insurance regulators and the NAIC to modernize the regulatory financial examination and analysis process in response to the heightened focus on risk. Our insurance professionals have diverse backgrounds in the industry and in public accounting, and the firm has strategic alliances that allow us to integrate specialty IT and actuarial expertise with our service offerings:
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Invotex to co-host the 4th Annual Emerging Risks & Insurance Management Forum, September 22-23, 2010 in Philadelphia.
NAIC’s Internal Control Reporting Requirements: An Integrated Approach for Efficiencies in Regulatory Compliance, The Interpreter, Winter 2010.
CareFirst must raise its surplus, Ulman, Danielle, The Daily Record, January 8, 2010.
Carefirst tells Maryland regulators reserve level is ‘healthy’ as is, Insurance & Financial Advisor, November 19, 2009.
Report deems surplus for CareFirst, subsidiary ‘not excessive,’ Insurance & Financial Advisor, November 5, 2009.
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