Model Audit Rule
By taking steps to implement or enhance a strong model audit rule (MAR) program, including strengthening internal controls over financial reporting (ICFR), optimizing governance frameworks and ensuring regulatory compliance, you will increase its overall efficiency and effectiveness and benefit your organization in the long term.
Model Audit Rule
Climb to new heights
The National Association of Insurance Commissioners’ (NAIC) Annual Financial Reporting Model Regulation 205, commonly known as the Model Audit Rule (MAR), requires that life and annuity, property and casualty, title, health plans and other insurance organizations that exceed certain thresholds of direct and assumed written premiums adopt auditor independence, corporate governance and internal control over financial reporting standards. For many insurers, handling a MAR program can be a daunting task.
Even if your organization has not yet met the $500 million in direct written and assumed premiums threshold, understanding the controls and identifying potential weaknesses that may arise is crucial to ensure you are prepared for when the time comes to implement MAR. For insurers that have already met the threshold, you must remain compliant by reviewing your process annually to identify inefficiencies, improve overall effectiveness and revamp a stale program to ensure that key risks are addressed and the program is cost effective.
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