Presently an audit of Falcon, commissioned by the FSA, is ongoing,” added the press release.įSA said that in order to safeguard the interests of all stakeholders, it has appointed Mariam Rajabally, as administrator in accordance with section 101 of the Insurance Act to manage the company’s business, affairs and assets. “This decision has been taken, following routine regulatory inspections conducted by the FSA, where a number of irregularities relating to the operations of the Company have been identified. However, it will not be able to take on any new business during the period of suspension of licence.”įSA said that the company was issued with a notice on Thursday, October 27, 2022, pursuant to section 96 of the Insurance Act, 2008 and advised that the suspension takes immediate effect, until further notice. For more information, visit email or call 86.The Seychelles Financial Services Authority (FSA), in its capacity as the regulator for the insurance industry, has suspended the licence of Falcon Insurance Limited, the Authority said in a press release on Thursday.įSA said that “Falcon shall continue to serve its existing clients and respect its obligations, and continue to abide by the provisions of the Insurance Act. The platform is scalable, configurable, and cost-effective. ![]() Insuresoft’s Diamond Enterprise Insurance Platform is in production in over 40 insurance companies and MGAs across all 50 states, processing $3B in personal and commercial lines premiums annually. Insuresoft offers a fully integrated policy, billing, and claims-processing platform. Insuresoft is a Microsoft Gold Certified software developer serving the property/casualty insurance industry. ![]() Go to learn more, and follow IAA on Facebook, Twitter, Instagram and LinkedIn. With a talented team of over 2,800 employees, IAA is committed to providing customers with the highest level of services in the salvage auto industry. Since 1982, IAA has sold millions of vehicles through its weekly auctions for insurance companies, fleet and rental companies, financing companies, charity organizations and the general public. ![]() With the most auction facilities in North America, IAA provides registered buyers from around the globe with millions of opportunities to bid on and purchase vehicles. Headquartered in Westchester, Illinois, IAA has over 180 auction facilities throughout North America offering towing, financing and titling services. Insurance Auto Auctions is the leading multi-channel salvage vehicle auction company and a business unit of KAR Auction Services (NYSE: KAR). “We are thrilled to provide Diamond users complete visibility into the salvaged vehicle’s current auction processing status and access to claim vehicle documentation through IAA’s solution and partnership.” “Our clients need speed and efficiency when processing claims and having complete visibility into the status of their salvaged vehicles through IAA’s solution, will streamline this process,” said Chris Blair, Vice President of Product Management at Insuresoft. “This integration will bring tremendous value to Diamond users, sending real time updates throughout the entire salvage lifecycle and we are looking forward to working with the Insuresoft team.” “We are pleased to be integrating the IAA solution with Insuresoft’s exceptional digital insurance platform,” said Brian Hildreth, Vice President of Product Management and Client Solutions for IAA. Diamond claims users will be able to assign claim vehicles directly to IAA, increasing the speed to receive auction recovery funds, and close the claim faster. ![]() The seamless integration into the Diamond Platform will provide Insuresoft’s clients access to IAA’s Vehicle Standard Assignment and auction sales services for salvage vehicles.
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