Firm Lists Top 10 Insurer Failures Seen By Examiners
Failure to acknowledge, pay or deny claims within specified timeframes tops the list of insurer violations that examining regulators find, Wolters Kluwer Financial Services said.
The Waltham, Mass.-based firm said that sort of infraction led its annual list of the top 10 reasons insurance companies are found to be out of compliance during market conduct examinations.
Kathy Donovan, senior compliance counsel at Wolters Kluwer Financial Services, said the risks to an insurer from a market conduct exam noncompliance finding include “monetary penalties, reexaminations, possible restitution to insureds and claimants and remediation claims.”
Wolters Kluwer said the list, compiled by its Insurance Compliance Solutions Group, provides insurers with a detailed picture of what regulators are looking for during compliance audits.