Audit Functionality

The Sarbanes-Oxley Act of 2002 imposes considerable new requirements on publicly traded companies mandating both US and "indirectly" many international insurance and reinsurance companies to new and significantly higher corporate compliance and accountability standards going forward. As a result, good compliance management practices are becoming extremely important in meeting the new accountability standards while at the same time advance the protection of an organization’s entire reinsurance assets. Thus, absence of the most advantageous workflow processes and IT support infrastructure could quickly become a critical liability for senior management in today’s regulatory business environment.

Compared to previously available solutions, the SurSITE^® suite of modules for reinsurance administration provides much improved capabilities in managing business critical facultative and treaty reinsurance assets. For the purpose of internal control and external audit of your company’s reinsurance contracts and technical accounting transactions, it means unmatched capability for real-time monitoring, analyzing and auditing of calculations and allocations of transactions for premiums, commissions, and claims from ceded and assumed to retroceded business based on events and transactions at the original policy level.