State Insurance Department
Baker Tilly was asked by the participating state insurance department to assist the Lead State in closing out a coordinated examination in time to meet the 18 month rule requirement. The request was to perform additional procedures on Key Functional Activities and require additional onsite time to facilitate insurer responses and team coordination with the Lead state.
Baker Tilly approach/tasks
Since the task required an increase in resources and budget in an unexpected short time frame, Baker Tilly utilized its team member resources to identify credentialed individuals that were experienced in the insurer’s line of business and in working with the participating state. Baker Tilly assisted the Lead state by identifying the following to accelerate the examination
- Increase leverage opportunities of CPA and internal audit workpapers
- Reduction and removal of financial reporting risks that were considered Low inherent risks
- Increased leverage of automated controls versus manual controls
- Increased status reporting and communication amongst the coordinated exam to ensure efficient assignment of procedures and review
Baker Tilly assisted the lead state in completing the examination within the 18 month rule requirement. The examination was selected for accreditation review on behalf of the participating sate and Baker Tilly’s Examiner In Charge assisted in providing responses to the review. The State regulator client informed Baker Tilly that the accreditation review of the examination file was successful.
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