MIB Successfully Completes SOC 2 Type 2 Attestation Engagement for its Underwriting and Cross Check Services, Reaffirming its Commitment to Data Protection
RELEASE | May 12, 2017
Braintree, MA (May 12, 2017) - MIB Group, Inc., the life and health insurance industry's most trusted resource for data-driven risk management services, has successfully completed the Service Organization Control (SOC) 2 Type 2 audit for its Underwriting Services (the MIB Checking Service, the Insurance Activity Index and the Plan-F Follow-up Service) system and for its MIB Cross Check service system. MIB's Underwriting Services are the leading underwriting requirement to detect errors, omissions, misrepresentations and fraud on applications for life and health insurance. MIB's Cross Check service is used by many of MIB's largest member companies to identify unclaimed life insurance and annuity benefits for compliance with unclaimed property and insurance law obligations.
"Security and data protection are, and have always been, at the core of our service offerings and are of paramount importance to our member insurance companies and our Board. With over a century of experience protecting the life and health insurance industry's data, this SOC 2 attestation further underscores and reinforces our commitment to operational excellence and security practices that support the protection and regulatory compliance of our data," says MIB President and CEO Lee B. Oliphant.
The SOC 2 audit, conducted by Mayer Hoffman McCann P.C., a leading national certified public accounting firm, verified that MIB's information security practices, policies, procedures and controls meet the rigorous SOC 2 standards selected for review based upon the structure provided by Trust Services Principles and Criteria. The purpose of SOC 2 is to convey trust, assurance and accountability to users that the integrity of a service has the requisite controls and systems in place to effectively mitigate operational and compliance risk.
In conjunction with its SOC 2 attestation for Cross Check, Mayer Hoffman McCann P.C., acting as an "accredited conformity assessment body," has also attested to the National Technical Information Service (NTIS) that MIB has systems, facilities and procedures in place to safeguard the Social Security Limited Access Death Master File (LADMF) used to provide the Cross Check service. As required by the NTIS final rule, this attestation will support MIB's application to renew its LADMF license.
For more information about the AICPA SOC standards visit: www.aicpa.org.
MIB is the life and health insurance industry's most trusted and secure resource for data-driven risk management services that protect the financial integrity of its members and address their evolving needs. Owned by its members, MIB is uniquely positioned to securely collect and analyze confidential data. MIB services help to detect fraud, errors and omissions on insurance applications; to analyze industry data needed to manage a variety of financial risks; and to make regulatory reporting compliance less onerous and more efficient. As the life insurance industry's first statistical agent, our MIB Solutions, Inc. subsidiary cost-effectively performs annual data calls for those insurers subject to principles-based reserving. MIB Group, Inc., a membership corporation, provides services through its wholly-owned operating subsidiaries, MIB, Inc. and MIB Solutions, Inc. MIB's Cross Check Service is provided by MIB Solutions, Inc. For more information, visit (www.mibgroup.com). (www.mibgroup.com).