PMA Management Corp. Achieves SAS 70, Type II Compliance
18 Mars 2010 - 7:49PM
Business Wire
PMA Management Corp., a leading Third Party Administrator (TPA)
of claims and provider of risk management services, announced that
it has completed a rigorous service examination by an independent
auditing firm of certified public accountants, and has again
achieved unqualified verification of continued SAS (Statement of
Auditing Standards) 70 Type II compliance. Each year since 2004,
PMA Management Corp. has attained unqualified results in SAS 70
Type II compliance, confirming that the company continues to employ
effective internal controls for claims services, information system
services and supporting business processes to provide TPA services
to clients.
According to Frank X. Altiere III, President, PMA Management
Corp., SAS 70 Type II compliance delivers significant value for
clients including:
- The security and assurance that
their organization’s data and claims are being handled with the
utmost level of accountability and oversight, and with proper
safeguards in place.
- Potential for better outcomes,
and reduction in costs and resources due to the rigorous nature of
our process and methodology. For example, clients can avoid the
costs of hiring their own service auditor to conduct a similar
audit to comply with the Sarbanes-Oxley Act (Section 404) or to
ensure they are abiding by their own governance, and risk and
compliance standards, relative to monitoring service
organizations.
The independent service auditor issued PMA Management Corp. an
unqualified opinion, covering a 15-month period ending December 31,
2009.
“PMA Management Corp. is among a select group of TPAs who have
achieved SAS 70 Type II compliance,” said Mr. Altiere. “Our SAS 70
Type II accomplishment is a fundamental part of our best-in-class
service model. We are passionate about providing our clients with
exceptional service. Our SAS 70 Type II verification along with our
PMA Client Satisfaction Survey results–96 percent of respondents
reported that PMA meets or exceeds their service
expectations–demonstrates the value and the quality of our service
program.”
Issued by the American Institute of Certified Public
Accountants, SAS 70 audits serve as a verification from an
independent CPA firm that a service organization’s internal
controls meet control and efficiency objectives. Two types of SAS
70 examinations are conducted by independent service auditors:
- Type I provides a description of
controls that are in place at a particular point in time.
- Type II is significantly more
rigorous, requiring a description of control activities and
detailed independent testing of the controls’ effectiveness for a
specific period of time (usually a minimum of six months.)
About PMA Management Corp.
PMA Management Corp. is a leading provider of results-driven
Third Party Administrator (TPA) and risk management solutions. PMA
Management Corp. works in partnership with clients–individual,
captive and group self-insureds–to understand their loss drivers,
optimize the claims process and implement effective risk control
and cost containment initiatives.
PMA Management Corp. is one of the PMA Companies,
www.pmacompanies.com, which provide risk management solutions and
services, including workers’ compensation and other property &
casualty insurance throughout the United States. Headquartered in
Blue Bell, PA, the PMA Companies are the operating companies of PMA
Capital Corporation (NASDAQ: PMACA), a holding company. In addition
to PMA Management Corp., PMA Companies includes the PMA Insurance
Group, specializing in workers’ compensation and other commercial
property & casualty insurance products; PMA Management Corp. of
New England, providing results-driven risk management services
and Midlands Management Corporation, a managing general agent with
a specialty in excess workers’ compensation, program administration
and fee-based TPA services.
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