Services / Risk Consultancy
Regulatory Risk Consultancy
Our risk consultancy experience and knowledge will assist a Dealership to establish, maintain and operate an adequate and effective risk management and internal control process which will provide the board of directors and managing executives with reasonable assurance that the insurance business is operated consistently within its compliance risk strategy. Moreover, with our knowledge of regulatory compliance, operational risk exposures are quickly identified and can be eliminated without undue impact on productivity or reputation.
Drafting Governance Policies
All Dealerships that are FSPs or juristic representatives on a ‘rented’ license must adopt, implement and document an effective governance framework that provides for the prudent management and oversight of its insurance business and adequately protects the interests of its policyholders. As part of this requirement, Dealerships must have formalised policies which require careful development and drafting, which is a particular strength of our risk consultancy division.
Establishing rent-a-captive insurance facilities
A rent-a-captive arrangement is perfect for use by Dealerships where insurance is offered as an ‘add-on’ service or product and where the Dealership wishes to retain the premium and carry the insurance risk for its own account. With many years’ experience with captive arrangements we have an in-depth knowledge of captive programmes and the concomitant manner by which the captive should be managed and will provide all the guidance and expertise necessary to establish an appropriate facility.
The substantive reforms to the regulatory framework for the provision of financial advice and for the distribution of financial products has created the necessity to review all aspects of insurance distribution activities. The regulatory ‘watchdog’ imposes severe penalties for non-compliance which not only cause financial hardship, but in addition the concomitant reputational damage can ruin the business in its entirety. We can review all aspects of the business model and provide recommendations to capitalise on the regulatory reforms.
Drafting Policy Wordings for Cell Captive Owners
Our policy drafting expertise ensures that a Dealership’s cell captive responds in the way that underwriters intend whilst minimising the risk of regulatory intervention. We can tailor all policies to suit a Dealership’s individual needs directly supporting its hard-earned reputation