Claims Handling and Licensing Dominate Market Conduct Criticisms

Claims Handling and Licensing Dominate Market Conduct Criticisms

Wolters Kluwer’s annual list of compliance issues for both P&C and life/health insurers highlight the difficulty of keeping up with regulatory changes for claims, underwriting and distribution processes.

INN Breaking News, October 8, 2013

Justin Stephani

Insurers most frequently are criticized for claims-handling, licensing and underwriting issues, according to Wolters Kluwer Financial Services, which unveiled its ninth annual lists of the top 10 criticisms found on U.S. insurance market conduct exams. The annual lists can serve as checklists for P&C and life/health insurers, helping them minimize compliance risk exposure.

Wolters Kluwer’s regulatory experts review and analyze results from the previous year’s state market conduct exams to identify areas with the most criticisms in the property/casualty and life/health markets.

“The regulatory landscape is getting more complex as industry requirements, laws and regulations change constantly under the direction of government and industry oversight, making it extremely challenging to embed regulatory requirements into claims, underwriting and distribution processes,” said Kathy Donovan, senior compliance counsel, insurance, at Wolters Kluwer Financial Services. “Strong regulatory change management processes and frequent self-audits are extremely effective in helping stay on top of these changes.”

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