Binders - How to Conduct Effective Audits
Binding authorities present a significant area of regulatory and business risk to delegating insurers and coverholders.
If you are a delegating insurer, how do you monitor your coverholders effectively? If you are a coverholder, what can you do to demonstrate you are acting in the best interests of the insurer and in compliance with regulatory expectations?
Focusing on general coverholder activity, business models, internal controls, and system functionality, this one day workshop will provide valuable insights into how insurers and coverholders can provide assurance in this critical area or regulatory and business risk.
The course content reflects relevent Solvency II developments, including the most recent CEIOPS paper.
Topics covered include:
- Coverholder internal controls, management information and time-management
- System performance indicators, records and data integrity
- Underwriting and Claims activity
- Coverholder business plans
- Compliance with binder restrictions
Using Lloyd’s requirements as the benchmark, this focused one day workshop will cover all the elements that constitute effective binder audits, with each element broken down into specific categories to provide clarity on good reporting structures.
Who should attend?
This one day workshop is suitable for:
• insurer staff involved in binders as underwriters, claims handlers, audit reviewers, and managers
• brokers who act as coverholders
How will delegates benefit?
By attending this one day workshop, you will:
• Understand the key elements necessary for effective audits
• See how categorisation provides clarity on audit data
• Learn how to evaluate audit data and apply it to decision making processes
• Be able to implement audit models tailored to specific needs
• Understand the fit of the regulators' systems and controls and risk management requirements
This workshop uses a combination of trainer input, knowledge sharing with interactive syndicate work and case studies. Group size is kept to a maximum of 16 to facilitate sharing of experience amongst the delegates.
Course Leader: Philip Cooper
Philip Cooper ACII, CIP commenced working in the insurance and reinsurance industry in 1977, so has over 31 years of experience.
In addition to his general inspection and litigation support work, leading teams in the London Market, Europe, the U.S.A. and the Middle East, Philip has specialised in matters relating to Long Tail claim handling and binding authority and third party administrator/managing general agent reviews.
Philip is also responsible for the development and delivery of training products and he has delivered training to insurance organisations and educational establishments in the London Market, Europe and North America on such matters as the management of delegated underwriting, Accident and Health business and the handling of APH claims.
Programme Outline: http://www.ctp.uk.com/Course-Directory/Courses/non-open-courses/Binders---how-to-conduct-effective-audits.aspx