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Wolters Kluwer Financial Services unveiled its annual top 10 lists of criticisms found on U.S. insurance market conduct exams, which serve as checklists for insurers in helping them minimize compliance risk exposure.
The company’s regulatory experts carefully review and analyze results from the previous year’s state market conduct exams to identify areas with the most criticisms in the property and casualty, and life and health markets. Research shows that fundamental processing areas within insurance companies continue to have challenges that cross claims, licensing and underwriting.
“Managing compliance risk is difficult at best, given all the regulatory requirements governing insurers’ claims, underwriting and distribution processes,” said Kathy Donovan, senior compliance counsel, Insurance, at Wolters Kluwer Financial Services. “However, understanding where the greatest problems exist can assist insurers in prioritizing audits of internal processes.”
The top 10 lists identify areas of concern at both the regulatory and company levels and indicate compliance risk areas that require additional scrutiny and evaluation. Companies may want to check existing controls to help ensure that they are adequate and error-free.
Wolters Kluwer Financial Services’ industry research shows that the top 10 most common market conduct compliance criticisms for property and casualty insurance are:
The top 10 most common criticisms for life and health insurance are:
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