Insurance Regulators
We leverage our extensive regulatory expertise, unwavering integrity and commitment to continuous improvement and innovation – enabling us to pass accreditation reviews successfully and serve state insurance departments and regulators.
Insurance Regulators
Baker Tilly’s insurance industry regulatory services specialists have been involved in the examinations of life, health and property/casualty insurers of all sizes for more than 25 years. Our regulatory services include risk-focused financial examinations, actuarial and IT examinations and financial analysis projects, administrative supervision, rehabilitation and liquidation assignments.
Now more than ever, innovative approaches, depth of specialists and a trusted team are needed to deliver results. Our team of specialists have experience in both auditing and examining insurance organizations and can assist your organization in all phases of its journey.
Experience and specialization
Contemporary regulatory standards require insurers to develop and continually challenge their risk assessment and management programs. In turn, insurance regulators need experienced, hands-on assistance in evaluating an increasingly complex array of programs and their effectiveness. When financial stress overcomes an insurer’s ability to maintain its financial soundness, more urgent needs arise. Regulators must evaluate root causes and provide proactive oversight, which can include development, approval and implementation of remediation, rehabilitation plans or liquidation.
Explore our services:
Financial examination support
State insurance departments must continuously evolve their approach to performing risk-focused examinations. Our insurance specialists have extensive experience in implementing the latest risk-focused methodologies in the field and providing on-site training and support. In today’s regulatory environment, examinations must focus not only on current risks but also on prospective risks, including the impact of technology and artificial intelligence (AI) on an insurer’s strategy and solvency.
- Risk-focused advisory services
- Financial examination services
- Actuarial support
- Training (e.g., regarding financial analysis, risk assessment, ORSA, risk-focused exam approach)
- Investment and derivatives specialist services
- Capital market transactional reviews and analysis
- Enterprise risk management (ERM) and own risk and solvency assessment (ORSA) evaluation
- Corporate governance assessment
- Captive insurer and risk retention group specialist services
Market conduct examinations
Our team is dedicated to conducting impartial market conduct analyses and examinations to identify potential consumer hard and regulatory violations for state insurance departments. We offer a range of services and specialize in examining a diverse range of business lines, ensuring comprehensive oversight and regulatory compliance.
- Targeted and comprehensive examinations
- Single and multi-state examinations
- Market regulation program development
- Market regulation consultation
- Market analysis including Level 1, Level 2 and Market Conduct Annual Statement (MCAS) reviews
- Data analysis
Information technology support and cybersecurity assessments
Technology risks are increasing and changing at a rapid pace and regulators must keep up wither these new threats to the insurance industry. Our skilled team of professionals includes CISAs an Certified Information System Security Professionals (CISSPs) with extensive experience in performing Exhibit C reviews, cybersecurity assessments and breach management, HIPAA assessments, and privacy, security and control assessments related to compliance with applicable laws and regulations for insurance organizations.
- Outsourced IT examinations – full scope, cyber and targeted
- IT examination risk assessment – co-sourced with state for execution
- IT examination advisory – pre-exam consultations
- ERM and corporate governance assessments
- Cybersecurity risk assessments and gap analysis
- NAIC cybersecurity examination preparedness
- Department IT/cybersecurity training
- External/internal network security testing
- Network and firewall architecture reviews
- Application security testing
- Wireless and mobile security reviews
- Payment card industry (PCI) compliance readiness
- Phishing and social engineering risk assessment and testing
Financial analysis
State insurance regulators analyze financial information from insurers in a variety of settings. Our insurance specialists are adept at researching and analyzing business matters and developing insights to support risk assessment and decision-making for supervisory reviews.
- Routine or special assignments, including examination assistance
- Admissions
- Troubled companies
- Holding company filings
- ERM and ORSA analysis
- Investment risk management analysis
- Evaluation of financial forecasts and projections
- Evaluation of risk-based capital recovery plans
- Evaluation of Form A, D, F and other regulatory submissions
- Reinsurance treaty review
- Claim management and contract disputes
- Damage analysis
- Litigation and dispute resolution support
- Agency/MGA/TPA investigations
Investment services
Baker Tilly has extensive experience with valuation and impairment issues involved with less liquid securities, and our depth of experience enables us to assess market risk, credit risk and operational risk to most appropriately design examination testing procedures. In addition, we have extensive financial and business knowledge to understand and evaluate contract terms that may be involved in custody agreements, securities lending agreements, private placement offering terms, investment advisory agreements, repurchase agreements and derivatives terms. Baker Tilly has the experience and capability to assist in the review, analysis and evaluation of some of the most complex aspects of an insurer’s investment products, portfolio strategies, asset-liability matching, derivatives use and related hedging programs, portfolio management agreements, enterprise risk and governance, securities lending, funding agreement arrangements and collateral management.
- Evaluation of proposed transactions, unique and/or complex
- Review, analysis and evaluation of investment products, portfolio strategies, asset-liability matching, derivatives use and related hedging programs
- Portfolio management agreement review
- Enterprise risk and governance
- Securities lending
- Funding agreement arrangements
- Collateral management
Actuarial exam support
Baker Tilly brings in-house expertise in property/casualty, life and health insurance, and is thoroughly familiar with the risk-focused examination process. Our team includes credentialed actuaries with the Fellow of the Casualty Actuarial Society (FCAS) and Fellow of the Society of Actuaries (FSA) designations. Additionally, we have strong relationships with other actuarial firms to supplement our services as necessary, ensuring comprehensive and robust support for your actuarial examination needs
Artificial intelligence and governance specialists
Our team brings specific consulting expertise to assess artificial intelligence (AI) governance frameworks, policies and risks. Combining AI governance principles with robust data governance strategies, we ensure organizations strike the right balance between innovation and compliance while considering transparency, accountability, and ethical practices in both AI and data management. From a regulator’s perspective, we help assess policies and procedures to manage the internal and external risk environment associated with AI while reviewing established internal controls to monitor and protect exposure at an organization. Our subject matter professionals have expertise in model risk and validation, Microsoft Azure, Amazon AWS Cloud and other enterprise environments.
2025 SOFE CDS insights
Baker Tilly was a proud sponsor of the 2025 Society of Financial Examiner’s (SOFE) Career Development Seminar. In case you missed the speaking sessions our specialists hosted, we pulled together the key takeaways from each session in an informative article – check it out!
If you still have questions after reading, follow the link below to reach out to our insurance industry specialists.
