Insurance Regulatory Services
Insurance Regulatory Services

The pendulum of change continues to significantly impact the insurance industry, especially because of sweeping changes in healthcare, evolving regulatory requirements and demands for improving performance while also reducing costs. REDW serves our state insurance regulatory clients with a range of services grounded on our in-depth experience and focused understanding of current laws and regulations. REDW offers financial and market conduct examination expertise. We can perform full scope or target examinations in either the financial or market conduct disciplines.

We recognize that today’s regulatory standards, which require insurers to develop and continually improve their risk assessment and management programs, present a major challenge to state insurance regulators: how to evaluate the increasingly complex array of these programs and their effectiveness. Regulators also have the difficulty of sorting through the ever-changing risks that each insurer faces.

Our insurance and regulatory services team is on the cutting edge of insurance-related regulations and trends. We monitor statutory accounting trends, National Association of Insurance Commissioners (NAIC) standards and activities, state laws and regulations and other related factors. REDW can perform risk-focused financial examinations on behalf of insurance regulators in any state.

REDW provides risk-focused examinations designed to achieve these goals:
  • Identify current and prospective solvency risk areas. Determine high-risk areas for detailed testing.
  • Assess both the quality and reliability of the company’s corporate governance and internal controls. We test the company’s controls to assess whether their goals mitigate the risk to an acceptable level, and we then perform examination procedures based upon the examiner’s evaluation of the remaining (residual) risk to the company.
  • Provide the state insurance regulator with the examiner’s report and a management letter with the examiner’s findings and recommendations
  • In the event of an audit, REDW will support its examiner’s report and management letter findings to the NAIC Accreditation Team.
  • Our ultimate goal is to support the regulator’s mandate that the insurance company address the examination findings. We accomplish this by ensuring the regulator understands issues, problems and compliance violations discovered by the examination team.

Other insurance and regulatory services we offer:
  • Market Conduct Examinations (full scope or target)
  • Financial analysis
  • Forensic accounting & fraud investigations
  • Investment analysis
  • Litigation & dispute resolution support
  • Own risk & solvency assessment (ORSA) evaluations
  • Compliance testing for financial or market conduct exams
  • Reinsurance analysis*
  • IT examination support*
  • Actuarial examination support*

BDO Alliance USA   *REDW is a member of the BDO Alliance, a nationwide association of independently owned local and regional accounting and consulting firms. Through the Alliance, REDW provides these services, drawing upon the insurance and regulatory resources of both BDO USA LLP and the more than 200 independent Alliance firms located nationwide.