Wolters Kluwer Financial Services has added new functionality to its ComplianceWare market-conduct research tool to help property/casualty insurers identify requirements most often criticized by state examiners.
Using ComplianceWare technology, insurers can search market-conduct compliance criticisms by state, date range, and specific keywords. This allows users to assess their compliance risk exposure by reviewing topics such as use of credit ratings, betterment or tax payments, and the extent to which particular topics have appeared on a countrywide basis in a given time period. Additionally, ComplianceWare generates reports that help insurers see total criticism activity for a single state, multiple states, or all states over the course of a year, quarter, or month.
"ComplianceWare allows property/casualty insurers to easily access information and identify trends that can help prevent noncompliance violations," says David Evans, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. "Additionally, ComplianceWare helps reduce the amount of time insurers spend researching market-conduct information, which is not widely available on state department of insurance Web sites."
