ILSA offers audits for all the regulatory agencies
You choose the compliance reviews that meet your specific needs.
Licensing Review
ILSA contacts all the Departments of Insurance. We check your demographic information on file to see if it is up-to-date. Your State-by-State Report lists all your license information, including Lines of Authority and expiration dates. It also provides a snapshot of your appointments with insurance companies. If you have administrative actions, you’ll see which states know about them. The report also lets you know how to reinstate licenses that have been cancelled or allowed to lapse within the previous two (2) years.
ILSA performs Licensing Reviews for both individual producers and insurance agencies. An agency report also lists the individual producer(s) affiliated to the agency’s license in each state.
Corporate Compliance Review
ILSA contacts the Secretary of State Offices (SOS) and Departments of Revenue (DOR) for all states where your agency is, or ever has been, licensed. We find out if you have completed the business registration process. Your State-by-State Report lists your registration status in each state. It also lists the individual or entity acting as your Registered Agent in that jurisdiction. You’ll receive detailed recommendations for closing any gaps.
Please be aware that some states require ILSA to have Power of Attorney to check your tax status.
Only an insurance agency or other business entity needs a Corporate Compliance Review.
Surplus Lines Compliance Review
ILSA contacts the regulating authority for surplus lines in each state where you hold a surplus lines license. This may be a Stamping Office, a Surplus Lines Association or just the Department of Insurance. The audit verifies your surplus lines license is active. Your State-by-State Report lists any past-due Premium Tax Reports or Zero Reports. It also itemizes any taxes or fines owed. You’ll receive detailed recommendations for closing any gaps.
ILSA performs Surplus Lines Compliance Reviews for both individual producers and insurance agencies.
Comprehensive Compliance Review
This audit covers it all. You’ll receive detailed information about your licenses, business registrations, corporate compliance status and surplus lines tax filings. We also provide recommendations for closing any compliance gaps. Many times, making a change in one of these areas affects the others. The Comprehensive Compliance Review ensures a multidisciplinary approach to your regulatory needs.
A Comprehensive Compliance Review benefits individual producers or insurance agencies.
When Is a Review Needed?
Any time you’re concerned about being in good standing with a regulator is the perfect time for a Compliance Review. Reviews can be a one-time process, or you can repeat them as often as needed. It’s also a great option for agencies that want or need to keep compliance in-house for now, but want a little back-up.
In our experience, certain situations make reviewing your regulatory status a great idea though:
Turnover within your in-house team can result in missed deadlines. An ILSA audit can catch overlooked tasks before they become major issues. It also provides a “second set of eyes” while someone new to compliance learns the job.
Mergers and acquisitions continue to be a favorite way to grow a business quickly. Considering a merger or acquisition? ILSA’s Compliance Reviews bring the information needed for due diligence together in a concise report. Before, during and after the merger/acquisition, we keep you on track. And it doesn’t matter which side of the deal you’re on.
If you’ve downsized your team or stopped doing business in certain states, a Review makes sure you’re properly withdrawn there. Taking care of licensing but forgetting about business registrations, for example, can leave compliance obligations “hanging” out there. You shouldn’t risk fees, fines or administrative actions in a state where you’re not doing business.
For individuals, but especially for agencies, an address change or name change requires notifying several regulators. Let us verify that everyone who needs to know has been notified.