government steps

Insurance Regulators

Our specialists have been involved in examinations of life, health and property/casualty companies of all sizes, including some of the industry’s largest insurers. 

Baker Tilly’s specialized professionals have been providing regulatory services for more than 25 years, including risk-focused financial, actuarial and IT examinations and financial analysis projects, administrative supervision, rehabilitation and liquidation assignments.

Insurance regulators need experienced, hands on assistance in evaluating a complex array of programs and their effectiveness. More than ever, regulators need experienced service providers to assist in their examinations and analysis. Baker Tilly’s team of regulatory services specialists have experience in both auditing and examining insurance organizations.

Experience and specialization

Benefit from insurance specialists with rich and varied experiences in helping states implement a risk-focused approach in the field, providing on-site training and support, as well as providing technical support in information technology (IT), financial analysis, actuarial, investments, financial analysis and reinsurance areas.

Services

Financial examination support

State insurance departments are now required to perform risk-focused financial examinations. Baker Tilly can help states meet this requirement, regardless of where they are in the process.

  • Risk-focused advisory services
  • Financial examination services
  • Actuarial support
  • Training (e.g., regarding financial analysis, risk assessment, ORSA, risk-focused exam approach)
  • Investment and derivatives specialist services
  • Capital market transactional reviews and analysis
  • Enterprise risk management (ERM) and own risk and solvency assessment (ORSA) evaluation
  • Corporate governance assessment
  • Captive insurer and risk retention group specialist services

Financial analysis

  • Routine or special assignments, including examination assistance
  • Admissions
  • Troubled companies
  • Holding company filings
  • ERM and ORSA analysis
  • Investment risk management analysis
  • Evaluation of financial forecasts and projections
  • Evaluation of risk-based capital recovery plans
  • Evaluation of Form A, D, F and other regulatory submissions
  • Reinsurance treaty review
  • Claims:
  • Claim management and contract disputes
  • Damage analysis
  • Litigation and dispute resolution support
  • Agency/MGA/TPA investigations

Rehabilitation, liquidation, receivership and supervisory

  • Receivership administration, control, and management
  • Asset recovery and litigation support
  • Advisory services to rehabilitators and liquidators
  • Litigation support

Information technology and cybersecurity assessments

  • Outsourced IT examinations – full-scope, cyber and targeted
  • IT examination risk assessment – co-sourced with state for execution
  • IT examination advisory – pre exam consultations
  • ERM and corporate governance assessments
  • Cybersecurity risk assessments and gap analysis
  • NAIC cybersecurity examination preparedness
  • Department IT/cybersecurity training
  • External/internal network security testing
  • Network and firewall architecture reviews
  • Application security testing
  • Wireless and mobile security reviews
  • Payment card industry (PCI) compliance readiness
  • Phishing and social engineering risk assessment and testing

Transaction analysis

  • Evaluation of proposed transactions, unique and/or complex
Mar 29Case Study

State insurance department completes examination for 18-month rule

government building

Article

Pennsylvania adopts Corporate Governance Annual Disclosure (CGAD) filing requirement: A quick guide for your journey to compliance

By the numbers

60% of states

Working or qualified to work in 60% of states using external specialists

5th largest

5th largest health insurance auditor (A.M. Best 2019)

7th largest

7th largest insurance auditor (Aon Ward Benchmarking 2018)

11th largest

11th largest P&C insurance auditor (A.M. Best 2019)