The inability of U.S. insurers to provide contract certainty in a timely manner is an embarrassment for the industry, and if a solution is not found regulators will impose their own timetable, a top brokerage executive contends.

The problem of contract certainty–the client having a signed, accurate policy in hand when coverage goes into effect–is a major problem that should not exist for the industry, according to Mario P. Vitale, chief executive officer of Willis North America.

Surveys by Ernst & Young and the Risk and Insurance Management Society strongly indicate that many clients are not receiving their contracts in a timely manner, a situation that results in great dissatisfaction among clients, said Mr. Vitale, speaking here to members of the Conference of Special Risk Underwriters.

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