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compliance audit checklist
Policy and Documentation Review
Verify that all insurance policies are up-to-date and compliant with current regulations.
Ensure that documentation for underwriting procedures is complete and accurate.
Check that claim handling procedures are well-documented and accessible to staff.
Review privacy and data protection policies to ensure they meet legal requirements.
Confirm that employee training materials are current and cover necessary compliance topics.
Data Security and Privacy
Check that data encryption standards are implemented for sensitive customer information.
Ensure access controls are in place and effectively limit data access to authorized personnel.
Review incident response plans for data breaches and verify staff awareness.
Evaluate the effectiveness of data backup and recovery processes.
Verify compliance with GDPR or other applicable data protection regulations.
Financial and Operational Controls
Confirm that financial records are maintained accurately and in accordance with GAAP.
Ensure that internal audits are conducted regularly to detect and prevent fraud.
Review the process for setting and approving reserve levels for claims.
Check that premium collection processes are efficient and secure.
Verify that all financial transactions are documented and traceable.
Regulatory Compliance
Ensure all licenses and permits are current and displayed as required by law.
Review compliance with anti-money laundering regulations.
Verify adherence to state and federal regulations governing insurance practices.
Check that all marketing materials comply with advertising standards.
Confirm that customer complaint handling processes are compliant with regulatory requirements.
