Insurance Regulatory Consulting
Trusted Experience for Insurance Regulators
KSM’s insurance regulatory consulting group, Noble Consulting Services, provides financial examination and consulting services to insurance regulators throughout the United States.
Founded in 1997 to serve the State of Indiana, Noble has grown into a nationally recognized firm through the strength of its reputation and client referrals. Over the years, we’ve built a deep bench of expert professionals – including former regulators, Big Four alumni, seasoned insurance industry executives, and credentialed examiners known for their regulatory expertise. We’re committed to investing in staff development to maintain the high standards, designations, and skillsets our clients expect in a constantly evolving insurance landscape.
Risk-Focused Financial Examinations and Analysis
As a leader in financial examinations, Noble has partnered with state regulators for decades to conduct financial examinations in accordance with the National Association of Insurance Commissioners (NAIC) risk-focused approach. We perform both primary analysis of insurance companies and secondary reviews of others’ analytical work – supporting ongoing risk surveillance and helping regulators identify and address emerging issues.
We serve both lead and participating states in many of the largest coordinated exams in the country and perform standalone exams for insurers of all sizes. We support a wide range of entities, including captive insurers, risk retention groups, medium-sized companies, and small single-state insurers like farm mutuals.
Our expertise spans all lines of business – life, health, RRGs, property and casualty, captives, and more. We also conduct Own Risk and Solvency Assessment (ORSA) reviews to support regulators in evaluating insurers’ risk management and capital adequacy frameworks.
Additional Services for Insurance Regulators
We offer a full range of consulting services both on a turn-key and service-for-hire basis.
- Assist insurance regulators to provide corrective action plan monitoring services, enforcement solutions, and regulatory responses for troubled companies, including receivership, conservation, rehabilitation, and liquidation support services
- Served as Special Deputy Receivers to insurance commissioners during the financial crisis and currently act as Special Deputy Receivers for a major life insurance group in one of the industry’s largest liquidations
- Provide regulatory and business guidance on transactions, including structuring, due diligence, license preservation, regulatory approvals, and title insurance agency joint ventures
- Form A filings – analyze projected financial operations and determine whether acquisition complies with insurance holding company standards
- Form D filings – analyze the reasonableness and fairness of, among other types of transactions, inter-company and affiliated reinsurance agreements
- Extraordinary dividend requests – analyze proposed pro forma financial statements to determine financial soundness of insurer post-dividend
- Analyze complex insurance investment portfolios, identifying high-risk areas and regulatory concerns while providing investment portfolio evaluations
- With expertise in derivatives, complex asset classes, asset-liability management, and structured securities, help regulators assess financial stability and compliance
- Our AIE, CIE, MCM, and AMCM-designated experts conduct full-scope and targeted market regulation examinations on a single-state or multistate basis, ensuring compliance with state-specific statutes, rules, and regulations per the NAIC Market Regulation Handbook
- Conduct stand-alone and integrated financial examinations, along with operational and market regulation reviews to assess regulatory compliance and insurer operations
- Offer Pharmacy Benefit Manager (PBM) compliance services including analysis and reviews
- Provide Mental Health Parity and Addiction Equity Act of 2008 (MHPAEA) compliance reviews
- Provide regulatory actuarial support, including reserve testing and certification, policy form and rate filing reviews, and risk-focused financial examination support, ensuring compliance with regulatory requirements
- Assist state regulators, insurers, audit firms, rehabilitators, and guaranty associations with financial analysis, Form D reviews, actuarial opinion evaluations, ORSA modeling, permitted practice requests, reserve valuation, appointed actuary services, and actuarial audits across all lines of business
- AES- and CISA-certified IT specialists conduct IT general and application controls reviews per the NAIC Financial Condition Examiners Handbook, delivering cost-effective assessments and management recommendations for complex IT environments
- Perform cybersecurity reviews aligned with NAIC and NIST Cybersecurity Framework standards, ensuring compliance with the NAIC Insurance Data Security Model Law and state regulations
- ARA- and ARe-designated reinsurance specialists support financial examination teams with expertise in risk management and distribution, reinsurance theory, contract provisions, risk transfer determination, and insurance accounting
- Assist regulators in reviewing complex reinsurance transactions and making reinsurance and commutation decisions to ensure compliance and financial soundness
- Conduct comprehensive evaluations of corporate governance practices and risk oversight, drawing on the expertise of former regulators, insurance executives, examiners, and analysts
- Leverage deep knowledge and experience of enterprise risk management (ERM) and ORSA to help companies navigate compliance and risk management requirements effectively
- Assist insurers with ERM development, ORSA filings, financial reporting compliance, forensic accounting, and investment portfolio evaluations
- Assist managed care companies with regulatory approvals, licensing, operational modifications, service area expansions, product filings, and compliance reviews for appeals and utilization review operations
- Serve as expert witnesses or litigation consultants
Partner With a Trusted Leader in Insurance Regulatory Consulting
Our team blends deep industry insight with personalized service to help regulators navigate complex risks and challenges. Contact us today to explore solutions tailored to meet your needs.