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Audit – Module I – Renewals

Welcome to the Audit Module I – RENEWALS. This audit is designed to assist in ensuring appropriate supervision and compliance with RIBO Regulations within brokerages and their branch offices.

As part of this audit, you are required to diligently respond to all questions below.

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SpotID

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Auditor

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Date Assigned

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Auditor Email

Renewals

Brokerage Name

License Number(Required)

Does your firm have a procedure in place to review renewal business?(Required)

Please attach process(Required)

Max. file size: 256 MB.

Is renewal business sent directly to the customer by the insurance company?(Required)

Are broker issued renewal letters sent to your client?(Required)

If yes, are these generic letters or custom specific letters that address specific customer needs?(Required)

Please attach an example letter

Max. file size: 256 MB.

Are your firm's personal lines automobile renewals issued automatically by the insurance company?(Required)

Does your firm review renewals issued directly to your clients by the insurance company for accuracy?(Required)

If yes, how often is this done?(Required)

Does your firm review renewals issued directly to your clients by the insurer to ensure that the renewals reflect your clients' current needs?(Required)

If yes, how often is this done?(Required)

Does your firm regularly re-quote renewal business to ensure the renewal issued is competetive in price and current to your customers' needs?(Required)

If yes, how often is this done?(Required)

When your firm re-quotes renewals, does your firm obtain quotes from all available markets?(Required)

Please explain(Required)

Are the re-quotes that your firm completes on renewals documented in the BMS?(Required)

Please explain(Required)

Does your firm recommend new coverages for renewal policies?(Required)

If yes, is this recommendation documented on your BMS?(Required)

Does your firm provide the following disclosures on renewal(Required)

How is the disclosure made?(Required)

Audit – Module I – Renewals

Renewals

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