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Regulatory
Compliance Services
Our goal is to keep
our clients in good
standing with all
regulatory agencies
so they may conduct
their business with
confidence. With
that goal in mind,
we will conduct
detailed research
into a producer's or
business entity’s
standing with
various government
regulatory agencies
to ensure that they
are 100% compliant.
If any issues are
found, we
have extensive
experience in
researching and
correcting them in
order to quickly
obtain a status of
good standing.
ILSA’s comprehensive
Compliance Review
Services can be
beneficial in
expansion efforts,
cost benefit
analysis or during
the due diligence
process for mergers
and acquisitions.
ILSA specialists can
quickly gather vital
information and
produce a
comprehensive report
on a company’s
current status with
state regulatory
agencies as well as
any agent affiliated
with that agency.
This can help with
cost projections and
negotiations before
a merger or
acquisition. Cost
benefit analysis are
undertaken to
compare where
business is written
vs. where it is
registered or
licensed. This
service has saved
thousands of dollars
for ILSA clients, as
we have been able to
then withdraw from
the Secretary of
State offices, and
cancel licenses from
jurisdictions where
they are no longer
needed.
ILSA’s Compliance
Review Services
-
Secretary
of
State
–
Comprehensive
research
to
ensure
that
a
company
has
properly
registered
with
the
Secretary
of
State
wherever
they
are
doing
business.
The
research
also
ensures
that
the
company
is
in
good
standing
in
their
domicile
state,
and
has
completed
all
required
annual
returns
or
reports.
If
any
discrepancies
are
found,
we
will
restore
the
company
back
into
full
compliance
to
avoid
further
costly
fines
and
revocation.
The
Secretary
of
State
(SOS)
compliance
review
encompasses
verification
that
an
entity
is
registered
at
the
SOS
in
the
various
states
where
business
is
being
conducted.
It
is
important
to
understand
that
most
states
require
registration
with
the
SOS
even
if
it
is
not
part
of
the
licensing
process
and
that
once
registered
it
is
mandatory
to
file
annual
returns.
Lack
of
registration
and/or
failure
to
file
annual
returns
are
events
that
can
lead
to
authority
revocation
and
fines.
-
Surplus
Lines
–
Immediately
upon
an
agency
joining
ILSA's
Surplus
Lines
Tax
Filing
(SLTF)
service,
a
specialist
conducts
a
compliance
review.
The
review
consists
of
an
audit
in
all
states
where
the
agency
and
agents
are
licensed.
Part
of
the
review
includes
contacting
each
state
to
verify
that
all
reports
have
been
filed
and
all
taxes
paid.
If
delinquencies
are
discovered
an
ILSA
SLTF
specialist
will
correct
and
resubmit
the
reports.
-
Department
of
Insurance
– A
thorough
audit
of
all
licenses
held,
past
and
present,
for
the
agency
and
affiliated
agents
including
the
current
status
of
all
licenses
for
all
lines
of
authority
in
each
state.
The
review
consists
of
comparing
the
DOI's
records
with
that
of
the
agency
and
licensees
to
verify
that
all
addresses
are
accurate.
Every
month,
thousands
of
administrative
actions
stem
from
lack
of
address
change
notifications.
If
address
discrepancies
are
discovered
ILSA
can
correct
the
information.
Additionally,
this
review
checks
for
any
administrative
actions.
We
will
notify
you
of
any
administrative
actions,
and
upon
authorization,
provide
proper
notification
to
the
states.
Click here to see our Mergers and Aquisitions video!
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