Regulatory and Insurer Audits

Regulatory and Insurer Audits

''Overall scoring for this inspection was 2.51% which falls within acceptable limits and an improvement on the previous audit score of 3.43%. Positive features:

  • No business critical issues were found

  • Adequate rating, terms and premium were quoted in all cases

  • Good documentation of client records and correspondence with brokers

  • Good documentation of referrals to Allianz and responses received

  • Renewal invited in good time prior to renewal date

  • Policy documentation issued to Insured within appropriate timescales

  • Evidence of rate strength and index linking being carried across all products at renewal

  • Almost all cases had a correct legal entity

  • Documentation to client containing full risk details”.

 Allianz  – 04/2015


 “The overall grading of the audit is ‘Some Improvement Required’. As you are aware, we found no major issues, and the issues we did find can be easily rectified”.

 Aviva Insurance – 11/2013


 Regulatory Review

You appear to be appropriately identifying and managing risks to your business; this view has been formed based on the discussion and verbal information you provided during the review.

As we discussed at the review it is important that you continue to review risks within your business on an on-going basis and at regular intervals to help make sure processes and procedures deliver fair treatment for customers. It is important for a firm to ensure its governance, culture and controls are focused on mitigating potential risks to the business and customers”.

FCA – 3/2014