Insurance Regulatory Consulting
Trusted Experience for Insurance Regulators
KSM’s insurance regulatory consulting group, Noble Consulting Services, conducts financial examination and consulting services exclusively for insurance regulators throughout the United States.
Noble Consulting began serving the State of Indiana in 1997 and expanded to other states through word of mouth. Today, our team has grown to more than 65 seasoned professionals that range from former regulators, Big Four partners and managers, and insurance industry executives to examiners with regulatory designations.
We invest heavily in the training of our staff to ensure continued high-quality performance is achieved through the development and maintenance of designations and skillsets required by our insurance regulatory clients.
Risk-Focused Financial Examinations and Analysis
Our core expertise is conducting financial examinations under the National Association of Insurance Commissioners (NAIC) risk-focused approach. We serve both lead and participating states in many of the largest coordinated examinations in the country, as well as examining captive insurers, risk retention groups, medium-sized companies, and small single-state insurers, such as farm mutual companies. We have significant experience in all lines of business, including life, health, title, surety, and property and casualty insurance. We also perform primary risk-focused analysis of insurance companies and secondary review of company analysis for state regulators.
Additional Services We Provide
We provide a full range of additional consulting services both on a turn-key and service-for-hire basis:
We conduct full-scope and target market conduct examinations tailored to the requirements of insurance regulators on a single-state or multistate basis. The examinations address applicable state-specific statutes, rules, and regulations, and are conducted in accordance with the NAIC Market Regulation Handbook within the parameters of the examination warrant. We conduct these services on a stand-alone basis, as well as in connection with a comprehensive financial examination of the insurers. Our professionals have relevant designations, including AIE, CIE, MCM, and AMCM, along with meaningful experience conducting market conduct examinations.
Our reinsurance specialists assist with the financial examination team’s understanding of reinsurance-related items, including risk management and distribution, reinsurance theory, contract provisions, determination of risk transfer, and insurance accounting. Regulators have relied on our reinsurance expertise to review complex reinsurance transactions. Our reinsurance specialists have the ARA and/or ARe designation, along with many years of reinsurance experience.
We have a strong track record of assisting insurance regulators with troubled companies. During the financial crisis, we served as the special deputy to insurance commissioners for receivership, rehabilitation, and liquidation services for three troubled companies. We provide regulators with corrective action assistance, and services supporting the liquidation and rehabilitation of troubled companies. We currently serve as the Special Deputy Receiver for a major life insurance group in one of the industry’s largest troubled situations.
Our investment specialists have analyzed many of the more complex investment portfolios in the country, and can quickly identify high-risk areas, and other areas of concern for regulators. We have a thorough understanding of issues with derivatives, complex asset classes, asset liability management, and structured securities in insurance company portfolios.
Our seasoned IT specialists conduct IT general controls reviews, as well as application controls procedures, in accordance with the requirements of the NAIC Handbook. Our specialists have AES and CISA as well as other applicable professional designations. Their experience with complex IT environments enables them to produce cost-effective IT reviews and value-added management recommendations. The cybersecurity review by our IT examiners follows the guidance and standards provided by the NAIC and the National Institute of Standards and Technology (NIST) Cybersecurity Framework. They are familiar with the NAIC Insurance Data Security Model Law, and we have performed engagements to address compliance with the rules and regulations of numerous states.
Each of our full-scope examinations included obtaining a detailed understanding of corporate governance practices and risk oversight. Our depth and breadth of experience provide unique insight into corporate governance and enterprise risk management. We have substantial experience with own risk and solvency assessments (ORSA) from the standpoints of former regulators, former insurance company executives, and as examiners and analysts of companies subject to ORSA requirements.
Work With a Leading National Insurance Regulatory Consulting Provider
We combine multidisciplinary expertise with personalized attention to bring a unique perspective and deep understanding of the risks and challenges facing insurers and regulators. Contact us today to find the right solution to meet your needs.