Regulatory experts at Wolters Kluwer Financial Services analyzed 2012 state market conduct exams and reported that P&C insurers' failure to handle claims within specified time frames and their use of unapproved forms and rates were the two biggest criticisms.

The Waltham, Mass.-based compliance and risk management services provider used report findings to determine the 10 most common compliance criticisms for P&C insurers in hopes that the list will be an easy reference to assist insurers who are seeking to minimize their compliance risk exposure.

Failure to acknowledge, pay or deny claims within specified time frames
Using unapproved/unfiled forms and rates
Failure to provide required compliant disclosures in claims processing
Improper documentation of underwriting files
Failure to maintain claims documentation
Failure to process/pay total loss claims properly
Failure to provide required compliant disclosures in underwriting processing
Failure to adhere to producer appointment, termination and/or licensing requirements and adjuster licensing requirements
Failure to issue compliant adverse action underwriting notices
Failure to apply rates, rules and guidelines correctly.

Special Reports /

IQ: Report Reveals 10 Major Criticisms of P&C Insurers

Related Stories

Recommended For You