Some words and/or phrases may be defined differently by other entities, or used in a context such that the definition shown may not be applicable. These definitions represent a common or general use of the term. The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references.
New terms will be added to the glossary over time. Hence, Internal controls are concerned with safeguarding assets.This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Accomplishment of goals and objectives - Internal controls system provide a mechanism for management to monitor the achievement of operational goals and objectives.Promote efficient and effective operations - Internal controls provide an environment in which managers and staff can maximize the efficiency and effectiveness of their operations.Ensure compliance - Internal controls help to ensure the University is in compliance with the many federal, state and local laws and regulations affecting the operations of our business.Ensure the reliability and integrity of financial information - Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report business operations.Safeguard University assets - well designed internal controls protect assets from accidental loss or loss from fraud.Internal control is all of the policies and procedures management uses to achieve the following goals. A broad concept, internal control involves everything that controls risks to an organization. Internal control, as defined in accounting and auditing, is a process for assuring achievement of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies.
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