Insurance Advisory and Actuarial Services

INSURANCE ADVISORY AND ACTUARIAL SERVICES

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At Complyport, our experienced team is committed to providing tailored insurance advisory, compliance and risk management service solutions to the diverse regulatory challenges faced by firms within the insurance sector. We understand the significance of exemplary customer service and the critical importance of maintaining a reliable reputation within the industry.

We assist firms in various aspects of compliance, including assessing regulatory permissions, navigating the SM&CR, corporate governance, enterprise risk management, and quality assurance. Our services involve conducting compliance risk assessments to pinpoint key risks and gaps in the control environment, thoroughly reviewing existing policies and procedures, and offering support with Appointed Representatives (ARs) compliance management. Our expert advice is practical, effective, and customised to meet your specific requirements.

Our services provide guidance and support to firms at every stage of their journey, from start-ups seeking guidance through the authorisation process to emerging entities aiming for establishment, and finally to well-established firms in need of ongoing compliance support. This includes insurance brokers, insurance companies, Managing General Agents (MGAs) and other intermediaries engaged in insurance , such as motor dealerships, call centres and FinTech operations.

We offer a comprehensive service, providing expert advice on interpreting and implementing the FCA’s guidance on regulatory boundaries. Our team also supports the understanding and application of the FCA’s key risk pillars, including governance, culture, and control, ensuring they are applied proportionately. In addition, we carry out compliance monitoring and provide assurance to the board and senior management through a range of compliance assessments.

We are here to assist you with:

Practically interpreting and adhering to the FCA Handbook as it relates to your business model.
Overseeing the compliance management of your ARs and Introducer Appointed Representatives (IARs)
Ensuring your ongoing compliance with regulations including SYSC, ICOBS, CASS 5, MIPRU and the Insurance Act 2015

At Complyport, we do not just offer guidance. We deliver tailored solutions that empower your firm to thrive within the regulatory and risk management landscape.

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Authorisations, VoPs and CiC

Regulatory Reporting

Thematic Reviews

General Governance Requirements and Culture

Conduct Risk Management

Product Governance

Consumer Duty

Anti Money Laundering (AML)/Know Your Customer (KYC), Sanctions and PEP screening

Fraud Risk Management Services

Data Protection

IT Security, Cyber Security Operational Resilience

Internal Audit

Actuarial Support Services

Compliance Function

Authorisations

Start-Up Support: Comprehensive assistance from pre-authorisation consultancy to constructing application packs and addressing post-submission queries. We will help you prepare a robust business plan complete with financial projections.
Business Expansion: Whether you are seeking additional classes of business, Change in Control or variations of permissions, we provide full-service support. Our experts will guide you through every step, ensuring your business plan aligns seamlessly with your expansion goals.

Regulatory Reporting

Preparation of Solvency Financial Condition Report (SFCR)
SFCR Report Review
Preparation of Own Risk Solvency Assessment (ORSA)
ORSA Report Review
Preparation of Recovery and Resolution Plan

Thematic reviews

Regulatory reviews on aspects of business or rules compliance. Should the regulator release a statement wanting to better understand how firms deal with a particular aspect of the handbook or business practice, they may seek to ask your firm for information. We can support you in providing the relevant response in language and a format that the regulator will expect to see.
We leverage our expertise in both best practice and sufficient standards to identify areas for improvement. Drawing from our deep understanding of your industry, we tailor our recommendations to ensure that your compliance and business practices are not only effective but also proportionate and aligned with your specific objectives.

General Governance
Requirements and Culture

Corporate Governance System Establishment: From setting up robust corporate governance systems, including compliance with Solvency II legislation, to fostering a culture of excellence within your organisation in line with regulatory standards, we provide support.
Fitness and Propriety Assessment and Development: Ensure the competency and integrity of your key personnel, including top management, senior managers, function holders and directors, through thorough assessments and tailored development programmes. Our expertise ensures that your team is equipped to lead with confidence and competence.

Conduct Risk Management

We conduct thorough Strategic Reviews and Conduct Risk Policy drafting centred on ‘Treating Customers Fairly’ and the Consumer Duty at every stage, ensuring ethical sales practices and long-term customer satisfaction.
Implementation Support: Get clear guidance and ongoing support to seamlessly integrate policies and procedures into your operations, fostering a culture of fairness and integrity.

Product Governance

Gap Assessment and Analysis: We conduct comprehensive gap assessments, analysing policies and evidence against relevant legislation, regulatory rules and industry practices.
Implementation Support: Receive clear guidance and support for remedial actions and gap-filling to ensure compliance with regulations.
Product Oversight and Governance (POG): Our experts can draft, review or update your POG Policy and high-level procedures to ensure robust oversight and compliance.

Consumer Duty

Gap Assessment and Analysis: We assess compliance against relevant laws, regulations and industry standards.
Implementation Support: Get guidance for filling gaps and taking corrective actions.
Consumer Duty Policy: We draft, review or update policies to prioritise consumer protection.

Anti Money Laundering (AML)
Know Your Customer (KYC)
& Sanctions

Policy and Procedure Development: Draft, review or update AML/KYC policies and procedures.
Review and Gap Assessment: Conduct health checks to identify areas for improvement.
Implementation Support: Guidance and support for filling gaps effectively.
Ongoing Screening and Risk Assessment: Stay proactive with continuous monitoring.
Compliance Function Outsourcing: Outsource your AML/KYC compliance for efficient management.

Fraud Risk Management

Fraud risk assessments
Fraud risk management program development
Implementation of anti-fraud controls
Fraud awareness and training
Fraud investigation support
Compliance audits and monitoring
Regulatory advisory for fraud compliance
Continuous fraud program improvement

Data Protection

Policy and Procedure Review: Assess and align policies with General Data Protection Regulation (GDPR) standards.
Implementation Support: Receive guidance and support for implementing necessary actions and filling gaps effectively.
Data Protection Officer (DPO) Outsourcing: Outsource your DPO needs to ensure compliance management.

IT Security, Cyber Security Operational Resilience

Consultation for Operational Resilience Policy: Guidance on creating a robust policy integrating people, processes, and systems.
IT and Cybersecurity Audits: Comprehensive audits to ensure IT infrastructure and cybersecurity measures are up to standard.
Business Continuity Plan Development: Assistance in forming effective business continuity plans to mitigate risks and ensure smooth operations during disruptions.

Internal Audit

Establishing Internal Audit Function: Assistance in developing policies, procedures and audit plan principles for an effective internal audit function.
Internal Audit Outsourcing: Outsource your internal audit needs for seamless and expert management.

Actuarial Support Services

Establish Actuarial Function Policy and Procedures: Set up clear policies and procedures for implementing effective actuarial function responsibilities.
Actuarial Function Outsourcing: Outsourced experts and independent actuarial function services that enhance your risk management framework.

Compliance Function

At Complyport, we recognise the nuanced demands of the insurance sector. Our tailored outsourcing service ensures meticulous compliance management, covering regulatory filings, audits, and assessments. With our expertise, you can confidently entrust your compliance function to us, allowing you to focus on driving your business forward with confidence.

Who We Support:

General Insurance companies (retail and commercial)
Health Insurance companies
Insurance Brokers (includes re-insurance)
Cover Holders/MGAs (Under a Delegated Authority)
London Insurance Market
Lloyds Managing Agents
Claims Management Companies
Third Party Administrators (TPA’S)

COntact us for assistance

Please fill our free consultation form and a member of our team will get in contact with you.