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The Insurance audit examined policy and liability procedures, risk valuation, tax documents, and other financial records of insurance. It ensures that proper insurance rates and premiums are implemented and that insurance companies follow the statutory laws. Claims and commissions are essential factors during audits. However, the auditors are expected to maintain quality control and balance between insurance companies and policyholders.
The Indian insurance company was formed and registered under the Companies Act 2013[1]. Section 2 of the Insurance Act 1938 means that the aggregate holdings of equity shares by a foreign company, or through its subsidiary companies or by its nominees, do not exceed twenty-six per cent of the paid-up equity capital of such insurance company. The purpose of the Indian Insurance Company is to carry on the life insurance business, general insurance business, or re-insurance business.
Three different types of audit can be performed:
Workers’ Compensation policies depend on estimated payrolls when written initially. The audit determines the actual payroll, remuneration and any uninsured contractors paid during the policy term being audited. The following items need to be furnished to the auditor at the time of audit is performed:
Preparing for an audit is a daunting task, usually because there needs to be more guesswork in the insurance world. Class codes and their corresponding description are readily available to agents for all lines and coverage. By setting the right policy, reviewing exposures is needed to keep the information organised.
Also Read: What Is a General Liability Insurance Audit?
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