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ICHEIC
member companies are audited for their compliance with the
ICHEIC's five Standards established in 1999 inter alia to
ensure the expeditious processing of all inquiries received
(i.e. claims driven process) in a just and cost-effective
manner in accordance with the claims handling guidelines issued
by the Commission. The Standards cover: (1) identification
of relevant companies; (2) identification of relevant archives;
(3) identification and securing of relevant records; (4) databasing
of relevant records; and (5) investigation of incoming claims.
In addition to the Standards, the insurers are required to
comply with several Decision Memoranda issued by the ICHEIC
Chairman, addressing details such as relaxed standards of
proof and methods of valuing claims.
The audit
process is carried out in two stages by internationally recognized
accounting firms. Stage 1 examines the companies' systems
and procedures set up to comply with ICHEIC's five Standards.
Stage 2 examines each company's handling of claims using the
systems and procedures covered in Stage 1 and largely embodied
in Standard 5.
Under
the October 16th, 2002, Agreement between the German Foundation
"Remembrance, Responsibility and the Future", the
German Insurance Association and ICHEIC, ICHEIC became the
custodian of funds provided by the Foundation to meet insurance
and humanitarian claims. Under this Agreement, new compliance
standards were established for German insurance companies.
These standards superseded certain of the original ICHEIC
standards and Chairman's Decisions. There were many similarities
between the approaches, however, and German ICHEIC member
companies remain subject to the original five ICHEIC Standards.
The Foundation
Agreement also established a broad framework for the Stage
2 audit of all ICHEIC member companies, for the engagement
of audit firms.
Audits
of German companies that are ICHEIC members will be carried
out by ICHEIC's auditors, while non-members will be audited
on a selective basis by the German regulators with observers
provided by ICHEIC.
Please
download the latest version of the ICHEIC Quarterly Report
to access which companies have completed their audits. |
