Compliance and Audit Support

Compliance is an important component of every benefit program. Today there is even more focus and attention on compliance issues and the responsibility of the plan administrators.

  • Audit Services: Our experienced practitioners understand the issues raised by the recent investigations and can assist you in auditing your program to review necessary plan components, costs, and potential conflicts of interest and provide critical counsel.
  • Compliance Services: As former legal and compliance practitioners, we understand and have counseled our clients on all of the legal aspects of benefits plans and are available to review your plan for its legal soundness. In addition, Havens & Company will ensure that as a plan fiduciary, you meet the legal requirements under ERISA for assessing and choosing coverage options.

From time to time, a client finds it necessary to review programs and processes to ensure their legal and financial soundness as well as the sufficiency of vendor performance. Havens & Company is equipped, in these situations, to offer the benefit of an independent, objective, and confidential audit. Staffed by lawyers and underwriters who have direct inside carrier experience, Havens & Company is uniquely positioned to assess our clients’ programs and their vendor(s)’ performance and to make recommendations to improve the programs’ performance and recover cost. The following are a few audits that we would be able to perform:

Carrier and/or Administrative Service Provider Performance Audit:

  • Where our client’s carrier(s) and/or administrative service provider(s) are operating under a specific work order or performance agreement, we can audit their performance and make recommendations and negotiate for the payment of any penalties.
  • Where a performance criterion does not exist, we can audit carrier(s) and/or administrative service provider(s) against generally accepted industry standards to recover any penalties and improve performance on an ongoing basis.
  • As part of the RFP process, Havens & Company would leverage the size and scale of our client in negotiating a robust agreement relating to performance standards and expectations for each line of coverage with each carrier and administrative service provider. The standards would be customized based upon your developing needs. 

Legal and Compliance Audit:

  • Compliance is an important component of every benefit program. Today, there is even more focus and attention on compliance issues and the responsibility of the purchasers of insurance.
  • As former legal and compliance practitioners, we understand the legal aspects of benefits plans and are available to review your plan for its legal soundness.
  • We always perform our legal and compliance audit services under the express direction of our client’s attorneys; and, all such work product is attorney/client work product. Prior to our engagement, we provide our client with a detailed audit plan. Our audits comply with all regularly established industry standards for auditors.

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