Insurers can and must improve their claims-handling and underwriting practices in several key areas. That's the message market conduct regulators are sending to both life and health and property and casualty (p&c) insurers.
When the regulatory experts at Wolters Kluwer Financial Services reviewed and analyzed the results of last year's state market conduct exams, two criticisms were cited most frequently: p&c insurers' failure to handle claims within specified time frames and their use of unapproved forms and rates.
The Waltham, Mass.-based compliance and risk management services provider condensed the findings of its annual report to a “top 10″ list in order to create an easy reference to assist insurers seeking to minimize their compliance risk exposure. When asked to explain what may be preventing insurers from staying compliant, Kathy Donovan, senior compliance counsel of insurance at Wolters Kluwer Financial Services, had this to say:
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