ComplianceWare® Research Tool Allows Insurers to Easily Reference Market Conduct Exams Across Multiple Jurisdictions
Wolters Kluwer Financial Services has added new functionality to its ComplianceWare® market conduct research tool, allowing U.S. property and casualty insurers to access market conduct exams and enforcement actions in one location.
While most insurance market conduct exams are public information, it can be particularly challenging for insurers to reference them because they are not always available on insurance department websites, requiring frequent direct requests for the documents. Additionally, not all of the content is released on the state websites in searchable formats, making it difficult to locate specific reports or topics.
Using ComplianceWare, insurers can access market conduct exams and enforcement actions that have been issued since January 2010 (currently more than 900 enforcement actions) across all jurisdictions in one place. The content can be searched by jurisdiction and date of action, as well as keywords. This greatly simplifies what is typically a very time-intensive, manual process, while helping insurers prevent potential compliance issues within their own company.
“ComplianceWare allows insurers to access specific aspects of market conduct exams and pull together the information they need to assess their own compliance programs and practices,” said Pam Ewing, general manager of Insurance Compliance Solutions at Wolters Kluwer Financial Services. “This makes it easy to see what regulators are focusing on and analyze how their own organization compares against other insurers in the market.”