Reinsurance Services

Many reinsurance companies put their capital at risk on a daily basis to insurance companies across the United States. As a best practice, these reinsurers conduct audits to ensure customers are in compliance with the terms of their contractratual obligations including underwriting and claims. As an insurance company, NAICO has been buying reinsurance from some of the largest reinsurers in the world since 1983 and understands the intricacies involved with auditing an insurance company for reinsurance compliance.

Many reinsurers are aware that auditing their customers can greatly reduce and avoid costly mistakes but they may be lacking the staff or time to perform these crucial audits. At CIMI, we have the staff and knowledge to offer these services. Our services include but are not limited to:

Contract compliance – verify treaty compliance and confirm adherence to underwriting guidelines and representations
Premium accounting – determine if premiums and commissions have been correctly administered and validate if the unearned premium is collectable and correlates to the underlying policy data
Claims handling – confirm fiduciary responsibility of cedent as outlined in claims management philosophies, operations and systems and evaluate claim practices through review of amounts paid, settled, reserved and reported
Implementation and recommendation – if we determine that one of the above issues is out of compliance with what was warranted to the reinsurer, we can identify this in a clear report and make recommendations of how to revamp the area of concern