The THiNK Blog

grab a coffee and give yourself the freedom to read



coffee-cup-zoomed-in-hero

Reinsurance 101 - Claims Audits

Mon, 15 Oct 2012 18:00:00 +0000 / by Eli Wahby

Appreciated the opportunity to attend the International Claims Association Annual Meeting in Orlando, FL a week or so ago and to present on a panel on “Reinsurance 101 – Claims Audits”. Getting to visit face-to-face with colleagues is always a good opportunity to learn what’s currently relevant and to exchange views.

Reinsurance 101 was a panel intended to provide an introduction to Reinsurance, its unique terminology and background as to why reinsurers conduct audits in general, and claims audits in particular.

The session was well received and we got a number of participants asking questions and thanking us at the end. That told me the effort we put into conducting the session was worthwhile. Feel free to flip through my portion of the presentation: 

On the subject of education – which is the overarching reason for the Annual Meeting – the one major take away was the new California law which the governor signed in September that takes effect 1/1/2013 requiring insurers to give a 60 day grace period on all individual and group insurance policies. While unclear if this legislation impacts only policies issued on or after 1/1/2013 or all policies including those currently in-force (likely it applies to all policies regardless of when issued), it’s something we’re now aware of and need to adjust processes appropriately. 

I’d be interested in knowing if you agree the 60 day grace period applies to everything but more importantly, will your systems and processes reflect this new requirement come 1/1/2013?

Share your thoughts with us by leaving us a comment, we'd love to hear from you! 

Thanks for reading,

Eli 

To reach Eli Wahby, Senior Consultant  - please click HERE.

To learn more about our Audit Services, please contact Kelly Priest HERE

Need a Claims Audit, or ready to learn about the LOQiQ3 audit process?

Topics: Insurance, Claims, Reinsurance, Audit, Industry News, Marketing

Eli Wahby

Written by Eli Wahby

Become an industry thought leader. Don’t forget to share.