Companies looking for an easier way to stay in compliance with state regulations and avoid penalties just got some help from Wolters Kluwer.
According to a release issued today, the company has tweaked its ComplianceWare market conduct research tool to help property and casualty insurers identify requirements that are most often criticized by state examiners.
Historically, issues related to timely claim-handling and the payment of proper amounts to claimants top the list of criticisms from state agencies. Other fines typically stem from insurers using unlicensed adjusters/appraisers, not providing required reasons for claim denials, or failing to supply specific notices.
Wolters Kluwer said that insurers utilizing the tool can search market conduct compliance criticisms by state, date range, and specific market conduct keywords. This allows them to assess their compliance risk exposure by reviewing hot topics, such as use of credit ratings, betterment or tax payments, and the extent to which particular topics have appeared on a countrywide basis for a given time period.
Additionally, the software generates reports that list total criticism activity for a single state, multiple states, or all states over the course of a year, quarter, or month.
"ComplianceWare allows property and casualty insurers to easily access information and identify trends that can help prevent noncompliance violations," said David Evans, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. "[It] helps reduce the amount of time insurers spend researching market conduct information, which is not widely available on state departments of insurances' Web sites."
More information is available by clicking here.
SEE ALSO: Speaking Of: Market Conduct Exams
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