Clients With January 1 Policies Share Our Peak Audit Season
Many State Fund policies have a calendar-year coverage period, with a January 1 expiration or renewal date. After processing the policies, we start scheduling our annual appointments for routine audits. Since the first quarter of the new year is our peak audit season, appointments for January 1 policies can crest in February and require several months for scheduling. During this busy time, we appreciate your clients’ cooperation with scheduling an audit that will eventually produce a final statement for their expired policy term.
Just as an annual medical checkup is a good way to monitor the status of health, at State Fund an annual audit helps us review the policy.
Our routine audit is designed to:
- Update policy information.
- Ensure that we are charging the correct amount of premium.
Your clients may request a copy of the audit from the District Office or Customer Service Center upon completion. If there is any disagreement with the results of the audit, your clients may identify the areas of disagreement and discuss them with the auditor.
Hindsight is 20/20
A lot can happen in a year. During a fast-paced business year, your clients may not always be aware of how some changes have affected their policy. For example:
- Operations may have changed in some way.
- The business may have moved to a new location.
- The business ownership may have changed.
A review of these aspects of the business helps us verify current information and make accurate calculations regarding:
- Premium.
- Experience modification.
- Classification rates.
More Information Is Available
State Fund provides a number of ways to help clarify the audit process:
- Customer Service Center
Your clients can call our Customer Service Center toll-free to obtain:
- Answers or referrals for any additional audit questions.
- Free, published, color-print versions of our audit brochure.
- Brochure
Our brochure entitled "Audit Questions & Answers" contains additional tips to help clarify the auditing process. Online versions are available in four languages: English, Chinese, Vietnamese, and Spanish.
- Policyholder Newsletter
The winter issue of COMPonents focuses on routine audits as its theme to help your clients understand the auditing process. Planned for publication during this peak audit season, each section, or component, of the issue offers information on a specific aspect of auditing. You and your clients receive the full-color hard-copy version of COMPonents via postal mail. In addition, we post the publication online for viewing.
Related Links
- Audit Questions & Answers
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