An Evaluation on Internal Control & Compliance Activities of Progressive Life Insurance Company Limited (PLICL)

Abstract

The report focuses on relevant information that has been collected from head office of Progressive Life Insurance Company Limited. This report will give clear idea about overall activities of Progressive Life Insurance Company Limited (PLICL). At the beginning of the report, the scope, origin, objectives, limitations, methodology are discussed. Especially this report focuses on “Internal Control & Compliance Activities of Progressive Life Insurance Company Limited (PLICL)”. The company is one of the 3rd generation private life insurance companies, was established in 2000 and stepped into the 18th year of its successful operation. The major objective is to evaluate Internal Control & Compliance Activities of Progressive Life Insurance Company Limited (PLICL) considering the different functional areas of HR, Underwriting, Reinsurance, Claim, Accounts, policy servicing, renewal, IT departments and so on. All the information incorporated in this report has been collected both from the primary source as well as from secondary sources. Theoretical framework provides depth knowledge about laws, rules & regulations related to insurance companies and also give broad knowledge about internal audit procedures that helps management of an organization to ensure effective control and compliance activities. At the analysis, the operational, controlling and compliance activities of the insurer are discussed broadly. Moreover, there are Comments considering the standard procedures of those activities. The findings, recommendations and conclusion are discussed at the end. There are more important findings in addition to providing some recommendations. These recommendations will ensure effective control & compliance activities of Progressive Life Insurance Company Limited.