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NorthStar Life Services Announces Completion of SOC 1 Audit
NorthStar recently received an in-depth Service Organization Control Report 1(“SOC 1”) from independent auditor, McGladrey, LLP. The SOC 1 evaluated and tested NorthStar’s internal controls and their operating effectiveness, including selected controls for NorthStar’s Ongoing Policy Servicing System. NorthStar is proud to have successfully completed the operational audit, further proving its dedication and expertise to its clientele and their life asset portfolios.
The report evaluated NorthStar’s policies and procedures in the following key operational areas:
- Data Security
- Life Asset Underwriting and Monitoring
- Mortality Tracking and Death Claim Processing
- Premium Calculation and Payment Procedures
- Policy Pricing
NorthStar is a subsidiary of North Channel Bank GmbH & Co. KG (“North Channel”), a fully regulated German bank focused on lending primarily to EU life settlement investors. Accordingly, NorthStar is also subject to North Channel’s regulatory review and oversight. Both firms are pleased to provide clientele with added confidence in their partnership, capabilities and procedures.
For further questions, please contact Ward Bukofsky, CEO, NorthStar Life Services, LLC, or visit our website.
Ward Bukofsky, CEO