Common use of Examination Requirements for Loss Reports Clause in Contracts

Examination Requirements for Loss Reports. The Company shall retain complete and accurate records of all reported Losses and/or advances submitted to the SBA until the SBA has completed its examination of the Company’s reimbursable Losses and commutation for the Contract Year (if applicable) has been concluded. The records to be retained are set forth as part of the Proof of Loss Report, Form FHCF-L1B and Form FHCF-LAP1, both adopted for the Contract Year under Rule 19-8.029, F.A.C. The FHCF will send an examination notice letter to the Company providing the commencement date of the examination, the site of the examination, any accommodation requirements of the examiner, and the reports and data which must be assembled by the Company and forwarded to the FHCF. The Company shall be prepared to choose one location in which to be examined, unless otherwise specified by the SBA. The reports and data are required to be forwarded to the FHCF as set forth in an examination notice letter. The information is then forwarded to the examiner. If the FHCF receives accurate and complete records as requested, the examiner will contact the Company to inform the Company as to what policies or other documentation will be required once the examiner is on site. Any records not required to be provided to the examiner in advance shall be made available at the time the examiner arrives on site. Any records to support reported exposure or Losses which are provided after the examiner has left the work-site will, at the SBA’s discretion, result in an additional examination of exposure and/or Loss records or an extension or expansion of the examination already in progress. All costs associated with such additional examination or with the extension or expansion of the original examination shall be borne by the Company. At the conclusion of the examiner’s work and the management review of the examiner’s report, findings, recommendations, and work papers, the FHCF will forward an examination report to the Company. Within 30 days from the date of the letter accompanying the examination report, the Company must provide a written response to the FHCF. The response must indicate whether the Company agrees with the findings and recommendations of the examination report. If the Company disagrees with any examination findings or recommendations, the reason for the disagreement must be outlined in the response and the Company must provide supporting information to support its objection. An extension of 30 days may be granted if the Company can show that the need for additional time is due to circumstances beyond the reasonable control of the Company. No response is required if the examination report does not include any findings or recommendations. If the Company accepts the examination findings and recommendations, and there is no recommendation for additional information, the examination report will be finalized and the exam file closed. If the Company disputes the examiner’s findings, the areas in dispute will be resolved by a meeting or a conference call between the Company and FHCF management.

Examination Requirements for Loss Reports. The Company shall retain complete and accurate records of all reported Losses and/or advances submitted to the SBA until the SBA has completed its examination of the Company’s reimbursable Losses and commutation Commutation for the Contract Year (if applicable) has been concluded. The records to be retained are set forth as part of the Proof of Loss Report, Form FHCF-L1B and Form FHCF-LAP1, both adopted for the Contract Year under Rule 19-8.029, F.A.C. The FHCF will send an examination notice letter to the Company providing the commencement date of the examination, the site of the examination, any accommodation requirements of the examiner, and the reports and data which must be assembled by the Company and forwarded to the FHCF. The Company shall be prepared to choose one location in which to be examined, unless otherwise specified by the SBA. The reports and data are required to be forwarded to the FHCF as set forth in an examination notice letter. The information is then forwarded to the examiner. If the FHCF receives accurate and complete records as requested, the examiner will contact the Company to inform the Company as to what policies or other documentation will be required once the examiner is on siteexamination begins. Any records not required to be provided to the examiner in advance shall be made available at the time the examiner arrives on siteexamination begins. Any records to support reported exposure or Losses which are provided after the examiner examination has left the work-site been completed will, at the SBA’s discretion, result in an additional examination of exposure and/or Loss records or an extension or expansion of the examination already in progressexamination. All costs associated with such additional examination or with the extension or expansion of the original examination shall be borne by the Company. At the conclusion of the examiner’s work and the management review of the examiner’s report, findings, recommendations, and work papers, the FHCF will forward an examination report to the Company. Within 30 days from the date of the letter accompanying the examination report, the Company must provide a written response to the FHCF. The response must indicate whether the Company agrees with the findings and recommendations of the examination report. If the Company disagrees with any examination findings or recommendations, the reason for the disagreement must be outlined in the response and the Company must provide supporting information to support its objection. An extension of 30 days may be granted if the Company can show that the need for additional time is due to circumstances beyond the reasonable control of the Company. No response is required if the examination report does not include any findings or recommendations. If the Company accepts the examination findings and recommendations, and there is no recommendation for additional information, the examination report will be finalized and the exam file closed. If the Company disputes the examiner’s findings, the areas in dispute will be resolved by a meeting or a conference call between the Company and FHCF management.

Examination Requirements for Loss Reports. The Company RAP Insurer shall retain complete and accurate records of all reported Losses and/or advances submitted to the SBA until the SBA has completed its examination of the Company’s RAP Insurer's reimbursable Losses and commutation for the Contract Year (if applicable) has been concluded. The records to be retained are set forth as part of the FI-ICF Proof of Loss Report, Form FHCF-L1B and Form FHCF-LAP1, both adopted for the Contract Year under Rule 19-8.029, F.A.C. Examination Procedures (a) The FHCF SBA will send an examination notice letter to the Company RAP Insurer providing the commencement date of the examination, the site of the examination, any accommodation requirements of the examiner, and the reports and data which must be assembled by the Company RAP Insurer and forwarded to the FHCFSBA. The Company RAP Insurer shall be prepared to choose one location location, that may be remote, in which to be examined, unless otherwise specified by the SBA. . (b) The reports and data are required to be forwarded to the FHCF SBA as set forth in an the examination notice letter. The information is then forwarded to the examiner. If the FHCF receives accurate and complete records as requested, the examiner will contact the Company to inform the Company as to what policies or other documentation will be required once the examiner is on site. Any records not required to be provided to the examiner in advance shall be made available at the time the examiner arrives on site. Any records to support reported exposure or Losses which are provided after the examiner has left the work-site worksite will, at the SBA’s 's discretion, result in an additional examination of exposure and/or Loss loss records or an extension or expansion of the examination already in progress. All costs associated with such additional examination or with the extension or expansion of the original examination shall be borne by the Company. RAP Insurer. (c) At the conclusion of the examiner’s 's work and the management review of the examiner’s 's report, findings, recommendations, and work papers, the FHCF SBA will forward an examination report to the Company. RAP Insurer. (d) Within 30 days from the date of the letter accompanying the examination report, the Company RAP Insurer must provide a written response to the FHCFSBA. The response must indicate whether the Company RAP Insurer agrees with the findings and recommendations of the examination report. If the Company RAP Insurer disagrees with any examination findings or recommendations, the reason for the disagreement must be outlined in the response and the Company RAP Insurer must provide supporting information to support its objection. An extension of 30 days may be granted if the Company RAP Insurer can show that the need for additional time is due to circumstances beyond the reasonable control of the CompanyRAP Insurer. No response is required if the examination report does not include any findings or recommendations. . (e) If the Company RAP insurer accepts the examination findings and recommendations, and there is no recommendation for additional information, the examination report will be finalized and the exam file closed. If the Company disputes the examiner’s findings, the areas in dispute will be resolved by a meeting or a conference call between the Company and FHCF management.

Examination Requirements for Loss Reports. The Company RAP Insurer shall retain complete and accurate records of all reported Losses and/or advances submitted to the SBA until the SBA has completed its examination of the Company’s RAP Insurer's reimbursable Losses and commutation for the Contract Year (if applicable) has been concluded. The records to be retained are arc set forth as part of the FHCF Proof of Loss Report, Form FHCF-L1B and Form FHCF-LAP1, both adopted for the Contract Year under Rule 19-8.029, F.A.C. Examination Procedures (a) The FHCF SBA will send an examination notice letter to the Company RAP Insurer providing the commencement date of the examination, the site of the examination, any accommodation requirements of the examiner, and the reports and data which must be assembled by the Company RAP Insurer and forwarded to the FHCFSBA. The Company RAP Insurer shall be prepared to choose one location location, that may be remote, in which to be examined, unless otherwise specified by the SBA. . (b) The reports and data are required to be forwarded to the FHCF SBA as set forth in an the examination notice letter. The information is then forwarded to the examiner. If the FHCF receives accurate and complete records as requested, the examiner will contact the Company to inform the Company as to what policies or other documentation will be required once the examiner is on site. Any records not required to be provided to the examiner in advance shall be made available at the time the examiner arrives on site. Any records to support reported exposure or Losses which are arc provided after the examiner has left the work-site worksite will, at the SBA’s 's discretion, result in an additional examination of exposure and/or Loss loss records or an extension or expansion of the examination already in progress. All costs associated with such additional examination or with the extension or expansion of the original examination shall be borne by the Company. RAP Insurer. (c) At the conclusion of the examiner’s 's work and the management review of the examiner’s 's report, findings, recommendations, and work papers, the FHCF SBA will forward an examination report to the Company. RAP Insurer. (d) Within 30 days from the date of the letter accompanying the examination report, the Company RAP Insurer must provide a written response to the FHCFSBA. The response must indicate whether the Company RAP Insurer agrees with the findings and recommendations of the examination report. If the Company RAP Insurer disagrees with any examination findings or recommendations, the reason for the disagreement must be outlined in the response and the Company RAP Insurer must provide supporting information to support its objection. An extension of 30 days may be granted if the Company RAP Insurer can show that the need for additional time is due to circumstances beyond the reasonable control of the CompanyRAP Insurer. No response is required if the examination report does not include any findings or recommendations. If . (e) if the Company RAP Insurer accepts the examination findings and recommendations, and there is no recommendation for additional information, the examination report will be finalized and the exam file closed. . (f) If the Company RAP Insurer disputes the examiner’s 's findings, the areas in dispute will be resolved by a meeting or a conference call between the Company RAP Insurer and SBA. (g) If the recommendation of the examiner is to update the RAP Insurer's FHCF managementProof of Loss Report(s) for the Covered Event, the SBA will send the RAP Insurer a letter outlining the process for submitting the FHCF Proof of Loss Report(s) and including a deadline to file. Once the FHCF Proof of Loss Report(s) is received by the SBA, the SBA will calculate a revised reimbursement. The SBA shall then review the submitted FHCF Proof of Loss Report(s) with respect to the examiner's findings and accept the FHCF Proof of Loss Report(s) as filed or contact the RAP Insurer with any questions. Once the SBA has accepted the corrected FHCF Proof of Loss Report(s) as a sufficient response to the examiner's findings, the exam is closed. (h) The examiner's list of errors is made available in the examination report sent to the RAP insurer. Given that the examination was based on a sample of the RAP Insurer's claims rather than the whole universe of the RAP Insurer's reported claims, the error list is not intended to provide a complete list of errors but is intended to indicate what information needs to be reviewed and corrected throughout the RAP Insurer's claims information to ensure more complete and accurate reporting to the SBA.