FSRA2021-110-1 - Insurance Examinations

The successful vendor will be required to conduct limited scope examinations of two (2) non-life insurers on FSRA’s behalf, with the scope to be determined by FSRA prior to finalizing the engagement with the vendor. FSRA will identify the specific areas of the insurer’s operations that would need further scrutiny, based on a review of the insurer’s risk profile and the vendor will evaluate those areas and report its findings and recommendations to FSRA.
The scope of each examination will be selected from the following areas typically covered in a full scope examination:
1. Governance and oversight (including a review of the Board, oversight functions and quality of controls);
2. Enterprise Risk Management;
3. Reinsurance;
4. Capital and reserves;
5. Claims;
6. Investments;
7. Off balance sheet exposures - for example, commitments, contingencies; and
8. Outsourcing and service level agreements with third parties (Managing General Agents [MGAs], agents).