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Compliance and Risk Mitigation Assistance for Small Insurance Carriers

Currin Compliance Services, Inc. (CCS) has extensive, proven experience helping clients navigate the multitude of regulatory requirements that apply to carriers. We help life insurance and annuity companies mitigate regulatory, litigation and reputational risk by offering practical, customized compliance solutions.

Here are some ways CCS can help you manage your risk:

Compliance Training

We share our expertise with your employees and distribution partners through regular training on industry standards and best practices as well as regulatory requirements. Top quality training is critical for any successful compliance program. CCS partners with you to:

  • Deliver training – in person, online, or with our “off the shelf” training modules. You choose the method that best fits your needs and your audience.

  • Build effective training programs – whether comprehensive in nature or targeted to a specific area, CCS will develop customized programs just for you.

  • Communicate with your distribution partners – we provide you with a monthly newsletter template, complete with content, that you can brand as your own to keep your distribution partners up to date on relevant compliance issues.

Our training solutions teach not only the “what," but also the “why” and the “how.”

Annuity Suitability

Both state and federal regulators expect carriers to have rigorous suitability standards to adequately protect consumers. To protect your company and demonstrate your commitment to suitable sales, your standards must be effective, followed consistently, and well documented. CCS can enhance your program by:

Performing suitability reviews – whether you want to outsource the reviews entirely to CCS or simply delegate some reviews due to heavy volume, CCS has extensive experience managing suitability programs.

  • Strengthening your suitability program – with state and federal regulators focusing on suitability, now is the time to re-examine your suitability program to ensure it is robust enough to withstand scrutiny. We work with you to make sure your program meets regulatory requirements and we share best practices guidance.

  • Performing oversight of delegated suitability – if your company has delegated reviews to a third-party (e.g., broker/dealers), you are still responsible for the reviews and must conduct appropriate oversight. Together we can enhance your oversight protocols or even perform the oversight for you.

  • Creating reporting – if you are unsure what or how to report suitability information, CCS assists with trending data and preparation of the annual report.

CCS has extensive suitability expertise to assist you with this critical function.

Distribution Oversight

Carriers are often held accountable for inappropriate or misleading sales practices used to sell their products, and the use of independent distribution poses unique compliance challenges for carriers. Many insurance producers work through Independent Marketing Organizations (IMOs) which continue to grow in both size and influence. Carriers must clearly understand these distribution risks, take reasonable steps to manage them, and utilize dedicated resources who understand the independent channel. We can help you manage compliance without significant disruption to the business by:

  • Managing producer risk – effective oversight requires more than resolving complaints and investigating fraud. CCS provides you with a holistic, risk-based approach to mitigating this exposure.

  • Managing IMO risk –It is vital for you to have a plan to mitigate this increasing risk posed by the use of intermediaries. We have extensive experience working with IMOs and can customize a reasonable and achievable oversight program for you.

  • Conducting training – a foundational requirement for effective compliance, training needs must be considered for both your distribution partners and home office employees. CCS builds and delivers training to inform your distribution partners of compliance issues and also train your employees on things to look for when working with producers and IMOs.

  • Retaining producers while managing risk – an agent retention program can provide an attractive alternative to terminating an agent. CCS develops, and even conducts, customized programs to train and provide heightened oversight of a producer to reduce risk for you.

Tailored solutions to manage all your distribution risks.

Policy and Procedure Development and/or Review

If it isn’t documented, it didn’t happen, right?

That’s the mantra that compliance professionals live by. We help you ensure that your policies and procedures not only meet regulatory requirements, but that they are complete, current, clearly documented, tested, and followed. It is critical that all carriers have written policies and procedures as they serve as the foundation of a strong compliance program.

Whether you need assistance with one compliance discipline, or all of your compliance policies and procedures, CCS offers flexible approaches to meet your needs and your budget.