Audits of reinsurance clients or other insurance companies, including premium, claims, and underwriting to ensure adherence to guidelines, procedures and accuracy.
Redbridge Solution’s services for the audit are as follows:
GENERAL
- Establish audit criteria based on the type of business ceded under the Contract
- Obtain and evaluate a completed Managing General Underwriter questionnaire developed by RBS
UNDERWRITING
- To verify that underwriting and rating are in compliance with the requirements of the Contract and / or General Managers Agreement
- To verify that the approved underwriting guidelines are followed
CLAIMS
- To verify that the Carrier/MGU has adequate internal procedures in place to effectively manage the business ceded under the Carrier Contract
- To verify that the terms of the Contract are followed
- To verify that the Carrier/MGU has a TPA evaluation program in place, if warranted
PREMIUM
- To verify that the Carrier’s/MGU’s premium collection and remittance reporting procedures are in compliance with the Contract and / or General Managers Agreement
- To verify the accuracy of the premium statement reporting
- To verify the accuracy of the commission and fee deductions.
