Quick Turnaround Case Study

Challenge

Ohio Indemnity, the operating insurance subsidiary of Bancinsurance Corporation, participated as a reinsurer in a program that covered bail and immigration bonds issued by other insurance carriers. When a large number of claims were presented for payment, it became apparent that the program was not being operated by the other carriers as it had been originally presented to Ohio Indemnity.

As these events became public, Ohio Indemnity’s accounting firm withdrew its audit reports for the years in question. This led to a number of regulatory investigations of Ohio Indemnity, allowing them just four months to find a new accounting firm to re-audit the financial statements of the years in question, or they would risk losing their license, and thus the ability to continue in business.

Solution

  • Performed the statutory audits within the tight deadline.
  • Partnered with an SEC accounting firm to audit Ohio Indemnity’s parent company for that same time period.
  • Assisted the company in developing new procedures so that it could monitor its third party agents more carefully in the future.

Results

  • Skoda Minotti met the regulator’s deadline to submit the re-audited financial statements, meaning Ohio Indemnity could maintain its license and remain in business
  • Ohio Indemnity’s financial stability rating, which had dropped a full letter rating, was restored
  • The Company became current in its filings with the SEC

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