Choose our highly skilled team

CRI can help you score a “10.0” for your insurance entity.

Ins1Insurance companies keep themselves on the balance beam by complying with a variety of industry regulations. As these requirements become more complex, entities can gain an advantage by teaming up with financial advisors who have a good grip on the rules. Because CRI understands the layout of the insurance industry, we can help your company proactively plan around these directives.

CRI’s insurance CPAs provide a wide range of specialized services – from statutory audits to risk management consulting – that addresses our clients’ unique needs.

We derive our expertise from assisting entities such as:

Insurance News Flash

INVITE US TO SPEAK

Ins2Our team members are highly skilled at helping clients tumble through industry challenges. In fact, we maintain an insurance regulatory practice that consists of specialized professionals, including Certified Financial Examiners (CFEs), Certified Insurance Examiners (CIEs), and Certified Valuation Analysts (CVAs). No matter what obstacles may be in your way, CRI can help you score a perfect 10 for your insurance entity.

Whether you’re preparing for your first or fifth regulatory exam, a readiness assessment may reduce your chances of receiving a penalty “flag” for any surprise findings. Listen to our webinar and learn what to expect from a state regulatory exam and specific ways a readiness assessment can help you score big on your next examination.

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Leveraging Internal Audit to Meet ORSA Requirements

Client Snapshot: Insurance

Is Captive Insurance Right for Your Company?

Client SNAPshot

CLIENT:Privately-owned title insurance company
SCOPE:Performed annual financial statement preparation, tax consulting, and business consulting for 10+ years.
PROJECT:Assisted the company in sale and change of ownership and control – including navigating through associated regulatory requirements.
RETURNS:Seamlessly transferred company to new owners while meeting all related regulatory requirements and avoiding unnecessary delays and cost.
Priceless Returns
“Priceless” returns

Straight Talk

Translating technical jargon into a plain English “text.”
We are looking for auditors who know our industry and can help us navigate the federal regulatory changes as they take effect.
COMPANY VICE PRESIDENT
We can help! With our knowledge of statutory accounting, we can proactively advise you on staying compliant with those changes.
CRI
We also have operations in multiple states. It’s difficult to keep up with the regulatory changes each state insurance department makes every year.
COMPANY VICE PRESIDENT
Our insurance team stays up-to-date on state regulatory changes as well. In fact, we have a specialized regulatory practice group that enables us to alert you of the regulators’ “hot button” issues.
CRI
Thank you for the information.
COMPANY VICE PRESIDENT
No problem! Please let us know if we can offer any further assistance.
CRI
Our company processes claims for an insurance carrier. They requested our “SOC report.” Do you know what that means?
THIRD-PARTY ADMINISTRATOR COMPANY PRESIDENT
A service organization controls (SOC) report describes and confirms the internal controls in place in your organization. It provides current and potential clients an additional level of assurance when it comes to outsourcing portions of their processes and services to a third-party administrator or managing general agent who would have direct access to client data.
CRI
We also process claims for a health insurance provider. Can one of these reports also give our clients comfort over our HIPAA compliance?
THIRD-PARTY ADMINISTRATOR COMPANY PRESIDENT
Definitely! Because the service you provide involves patient health information, you may have to provide comfort to your clients that you are HIPAA-compliant. These customers need to know how you address key issues such as security, availability, confidentiality, processing integrity, and privacy as it relates to HIPAA.
CRI
When can we start?
THIRD-PARTY ADMINISTRATOR COMPANY PRESIDENT
As soon as you’re ready! Our SOC reporting team has in-depth expertise in conducting a thorough engagement process.
CRI
We are looking for a CPA firm that understands the unique needs of captive insurance carriers. How familiar are you with our line of work?
CAPTIVE INSURANCE COMPANY MANAGER
Some of CRI’s professionals specialize in providing services to captive managers. We understand that you have unique tax structures and industry challenges. Our advisors are constantly perfecting their skills so that we can provide you with the most beneficial advice.
CRI
That’s fantastic! One business decision we’re pondering is moving our captive from the Cayman Islands to the U.S. Can you guide us through this process?
CAPTIVE INSURANCE COMPANY MANAGER
Absolutely! Moving operations from one country to another can have significant business implications. We’re happy to discuss these with you in person.
CRI
I own a small insurance agency. I’m essentially the salesman, president, receptionist, and accountant. I’m struggling with the accounting part of my job and don’t know where to start.
INSURANCE AGENT
Don’t worry! Our professionals are well-trained in the accounting software that most insurance agencies use. If you haven’t selected an accounting software package yet, then we can also present recommendations based on your insurance agency’s needs.
CRI
What do you need to get started?
INSURANCE AGENT
How about you visit our office and meet our insurance team? We would like to meet face-to-face and understand what services you need – whether that be payroll, paying utilities, or state and federal remittances. We can even prepare your year-end financial statements.
CRI
That’s great! Do you also prepare tax returns?
INSURANCE AGENT
We do, and we’ll be glad to help you prepare yours. Our professionals stay up-to-date on the latest tax developments and consult you regarding the specific requirements of the IRS and state revenue departments.
CRI
I’m glad we had this conversation. I’m looking forward to being able to hand off the accounting for my insurance agency. I’ll be visiting soon!
INSURANCE AGENT
With constant budget cuts, we can barely afford to keep qualified examiners in-house — and our workload just keeping increasing.
STATE INSURANCE DEPARTMENT CHIEF EXAMINER
I can only imagine your frustration. Our team of highly specialized examiners is ready to help you address your business needs.
CRI
What examiner designations do your professionals hold?
STATE INSURANCE DEPARTMENT CHIEF EXAMINER
Our team includes CIEs and AESs. We also have Certified Financial Examiners and Certified Fraud Examiners.
CRI
That’s good to hear! How would working with you help us obtain our accreditation?
STATE INSURANCE DEPARTMENT CHIEF EXAMINER
It can help! Our insurance regulatory practice team has extensive knowledge of the NAIC’s Financial Condition Examiners’ Handbook and Market Regulation Handbook approaches, so we can help you satisfy their requirements. Let me know if you have any other questions about working with us.
CRI
I will. Thank you!
STATE INSURANCE DEPARTMENT CHIEF EXAMINER

Client Chatter

Our story as shared by our clients.

As we continue to work closely with CRI, the partners and staff work well as a team and always provide open communication with quality service. Even under short time constraints, they meet deadlines with no sacrifice in quality. CRI has always provided professional service."

Gary Osborne, President
USA Risk Group

Solutions Simplified

Down-to-earth descriptions of our services.
Accounting & Auditing Services

Advisory Services

Business Support & Transaction Services

Employee Benefit Plan Services

Governance, Risk & Assurance Services

Services Also Available for Insurance

NAIC IT Assurance Services

Providing assurance over complex IT systems requires the right blend of insurance industry-specific skills and technical knowledge of insurance systems and applications. Our IT audits & assurance team has an extensive insurance industry background, which provides the business knowledge needed to quickly and effectively assess your entity’s product and service offerings. We blend that insurance industry experience with technical skills – enabling us to understand even the most complex systems. Our team members holds a variety of pertinent designations, including:

• Certified Information Systems Security Professionals (CISSP),
• Healthcare Certified Information Systems Security Professionals (HSICCP),
• Certified Information Systems Auditor (CISA),
• Certified in the Governance of Enterprise IT (CGEIT), and
• Certified in Risk and Information Systems Control (CRISC).

Our credentialed professionals provide your organization with assurance in any environment – from mainframe to cloud to workstations and servers.

NAIC IT Risk Assessments

Today’s insurance IT systems are complex. The National Association of Insurance Commissioners (NAIC) realizes the value of identifying vulnerabilities and mitigations. And their risk assessment and audit procedures reflect that realization. Our NIST-based IT risk assessments are customized to your IT operations and designed to provide insight and focus related to IT assets and mitigation strategies. Our IT professionals transform this complicated and NAIC-anticipated task into an understandable tool for identifying and mitigating cyber and IT risks.

Risk-Focus Statutory Examinations & Market Conduct Examinations

Our insurance regulatory practice team is experienced in utilizing the National Association of Insurance Commissioners (NAIC) Financial Condition Examiners’ Handbook risk-focused examination approach and the NAIC Market Regulation Handbook approach. During this process consideration of numerous factors, which are required to be tailored for each examination, should be incorporated into the examination process.

IT Audits & Assurance Services

Tax Services

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Practice Leader

Phyllis Ingram
Phyllis Ingram
Partner-in-Charge & Industry Line Leader
334.386.5250
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