Hatboro, PA – March 26, 2007 -- Aon Insurance Services, CNA, and the American Institute of Certified Public Accountants (AICPA) have joined forces on an important issue for CPAs – quality control.
Beginning in March, the AICPA Professional Liability Insurance Program, in support of AICPA initiatives to improve the quality of government and employee benefit plan audits, will award a new premium credit to firms that are members of the AICPA Governmental Audit or Employee Benefit Plan Audit Quality Centers. The new Audit Quality Center credit will be available in addition to premium credits currently available for Program policyholders – participation in risk management training, use of engagement letters, receipt of an unqualified peer review, and remaining claim-free.
AICPA Audit Quality Centers provide comprehensive support and risk management resources for CPAs who perform employee benefit plan or government audits. Firms who are members of these Audit Quality Centers demonstrate a heightened commitment to performing quality audits in these unique and complex areas. By meeting the membership requirements, we feel these firms establish and maintain higher standards, not only on these particular types of engagements but on all services provided.
In recognition of their commitment to quality, the Program will award a 5% premium credit for membership in either Audit Quality Center. Firms who are members of both Audit Quality Centers will receive a premium credit of 5% for each – for a total of 10%. The maximum amount of the credits is $400 per policy.
"The AICPA Professional Liability Insurance Program has always been dedicated to policyholder education," said Ken Mackunis, president, Aon Insurance Services. "The Audit Quality Center premium credit is a great opportunity to fulfill two important Program goals: to encourage effective risk management and demonstrate the fact that reducing risk can actually offset premium costs."
Availability of the premium credit is based on approval by each state's department of insurance, as well as underwriting guidelines. For questions regarding the audit quality center credit, please contact Aon Insurance Services at (800) 221-3023.
The AICPA Professional Liability Insurance Program
Established in 1967, the AICPA Professional Liability Insurance Program has a long-standing reputation for meeting the diverse insurance needs of CPAs. The Program leads the industry in serving the broadest spectrum of CPA practices – from sole practitioners to members of the Major Firms Group – and over 24,000 CPA firms are insured with the Program, making it the largest single provider of accountants professional liability insurance in the nation.
Aon Corporation (www.aon.com) is a leading provider of risk management services, insurance and reinsurance brokerage, human capital and management consulting, and specialty insurance underwriting. There are 43,000 employees working in Aon's 500 offices in more than 120 countries. Backed by broad resources, industry knowledge and technical expertise, Aon professionals help a wide range of clients develop effective risk management and workforce productivity solutions.
Aon Insurance Services
Aon Insurance Services (AIS) is a division of Affinity Insurance Services, Inc.: in California, Minnesota and Oklahoma, (California Insurance License #0795465) Aon Insurance Services is a division of AIS Affinity Insurance Agency, Inc.; and in New Hampshire and New York is a division of AIS Affinity Insurance Agency.
One or more of the CNA companies provide the products and/or services described. The information is intended to present a general overview for illustrative purposes only. It is not intended to constitute a binding contract. Please remember that only the relevant insurance policy can provide the actual terms, coverages, amounts, conditions and exclusions for an insured. All products and services may not be available in all states. CNA is a service mark registered with the United States Patent and Trademark Office. Copyright © 2007 CNA. All rights reserved.
Forward-looking Statement and Limitations
This press release contains certain statements related to future results, or states our intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. Potential factors that could impact results include: general economic conditions in different countries in which we do business around the world, changes in global equity and fixed income markets that could affect the return on invested assets, fluctuations in exchange and interest rates that could influence revenue and expense, rating agency actions that could affect our ability to borrow funds, funding of our various pension plans, changes in the competitive environment, our ability to implement restructuring initiatives and other initiatives intended to yield cost savings, our ability to execute the stock repurchase program, our ability to obtain regulatory or legislative changes to permit continuous sales of our supplemental Medicare health product, changes in commercial property and casualty markets and commercial premium rates that could impact revenues, changes in revenues and earnings due to the elimination of contingent commissions, other uncertainties surrounding a new compensation model, the impact of investigations brought by state attorneys general, state insurance regulators, federal prosecutors, and federal regulators, the impact of class actions and individual lawsuits including client class actions, securities class actions, derivative actions, ERISA class actions, the impact of the analysis of practices relating to stock options, the cost of resolution of other contingent liabilities and loss contingencies, and the difference in ultimate paid claims in our underwriting companies from actuarial estimates. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results, is contained in the Company's filings with the Securities and Exchange Commission.