What does an explorer of insurance do?
The insurance examiner is a government employee who is responsible for auditing insurance companies and ensuring that these companies comply with regional or national laws. In many countries, the examiners are obliged to regularly perform audits, while these individuals also have the power to perform unplanned audits if the insurance company is suspected of violating industrial rules or regulations. During the investigation concerning the main companies, the examiners usually work in teams, each individual withdrawing responsibility for viewing one element of the company's financial matters.
Usually, the insurance examiner must complete a university degree and many employers prefer hiring people who have completed financial or mathematical study programs. In some countries, there must be people who perform audits; In this case, the examiner may have to participate in a number of accounting classes and then pass the license examination. Assomegulation agencies hire people whoThe ears have previous experience in insurance work.
Insurance companies issue different types of insurance policies, including life, health, property and liability contracts. In many countries, there are laws that are designed to ensure that these companies have enough cash in the reserve to cover the planned paycheck. The insurance examiner must review the accounts of each company and compare their cash reserves with their outstanding duties. If the company lacks money, the company's examiner may receive more funds or refrain from issuing other policies until its cash reserves are strengthened. In the worst case, the examiner may have the power to close the company and liquidate its assets if its obligations significantly exceed the company's funds.
In addition to the checking cash reserves, an insurance examiner must check the fuses that the company issues to ensureLa that these contracts comply with local or national policy writing regulations. In some countries, the examiners may assess fines and other sanctions on companies that violate industrial rules. In addition, the examiners can take repressive steps against individual agents or subscribers who violate the professional rules of the Code of Behavior.
In some areas, companies cannot sell life insurance such as anuits until the examiners check all the product -related documentation. Some major companies can sell politicians that will plant regulatory requirements in other regions. In addition to rejecting or approving new product offers, the examiner can advise insurance companies to make changes to politicians to meet industry standards.