ISO ClaimSearch, a claim information system for theproperty/casualty insurance industry, has been updated to include aregulatory compliance functionality that will allow insurers andothers to comply with new reporting requirements for total loss andsalvage information.

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As of March 31, 2009, insurers, salvage companies, junkyards,recyclers, and shredders were required to report total loss andsalvage information to the National Motor Vehicle Title InformationService (NMVTIS). Since ClaimSearch has been designated anauthorized data consolidator by NMVTIS, it will allow insurers andothers to easily comply with the requirement.

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ISO said it will include the NMVTIS reporting as part of itsregular service for insurer participants in the auto segment of ISOClaimSearch at no additional charge. Noninsurer companies can alsoreport — for a fee. According to the company, reporting in thismanner will enable insurers to save on programming costs or thecosts of using an outside vendor; streamline workflow because manycompanies already report data to ISO; and assure themselves fullcompliance with the NMVTIS regulations.

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NMVTIS was established by the Anti-Car Theft Act of 1992 toassist in preventing the introduction or reintroduction of stolenand salvaged motor vehicles into interstate commerce. NMVTISprovides authorized recipients with instant and reliable access tomotor vehicle titling information maintained by the states. It isoperated by the U.S. Department of Justice.

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Interested in more technology tools/software newsand in-depth articles? Head over to Claims' technology tools/software channel for moreinformation.

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