Audit of MMSEA Section 111 Compliance Program

North America - United States

Faegre Baker Daniels performed an audit of the Section 111 compliance program of an insurance company that offered liability and no-fault insurance products. During the audit process, FaegreBD reviewed each insurance product offered by the carrier to confirm the applicability of the Section 111 reporting requirements to such product, audited the insurer’s policies and procedures related to Section 111 reporting, and interviewed applicable personnel to assess the strength of the Section 111 compliance regime. As a result of the audit, certain changes were implemented to shore up the entity’s Section 111 compliance program.

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