NU Online News Service, March 31, 11:17 a.m. EDT
Insurance Services Office in Jersey City, N.J., announced they are offering a new facility so insurers can report title data for total loss vehicles to comply with federal law aimed at preventing sales of stolen and salvaged motor vehicles.
ISO said its new regulatory compliance service is the ISO ClaimSearch NMVTIS Compliance Reporting Service.
The company noted that effective today, insurers, salvage companies, junk yards, recyclers and shredders are required to report total-loss and salvage information to the National Motor Vehicle Title Information Service (NMVTIS).
ISO said its ClaimSearch has been designated an authorized data consolidator by NMVTIS, which allows insurers, salvage companies and others to report the required data to ISO ClaimSearch to comply with the federal reporting requirement.
ClaimSearch said ISO will include the NMVTIS reporting as part of its regular service for insurer participants in the auto segment of ISO at no additional charge. Noninsurer companies can also report through ISO ClaimSearch for a fee.
ISO said that by reporting to NMVTIS through ISO ClaimSearch, insurers can save on programming costs or the cost of using an outside vendor.
The company said the system will also streamline workflow for insurers because they already report data to ISO ClaimSearch.
NMVTIS was established by the Anti-Car Theft Act of 1992 to assist in preventing the introduction or reintroduction of stolen and salvaged motor vehicles into interstate commerce.
The NMVTIS listings, operated under the auspices of the U.S. Department of Justice, provide authorized recipients with instant and reliable access to motor vehicle titling information maintained by the states.
More information on the ISO ClaimSearch NMVTIS Compliance Reporting Service and data reporting requirements is available by contacting ISO ClaimSearch Customer Support at 1-800-888-4476, or by e-mailing [email protected].
ISO said ClaimSearch participants include insurers representing 93 percent of the property-casualty insurance industry.
It said among those using ClaimSearch are hundreds of public and private self-insureds, including municipalities, government agencies and larger companies; 26 state workers' compensation insurance funds; 480 third-party administrators; several state fraud bureaus; and many law enforcement agencies involved in investigation and prosecution of insurance fraud.
ISO provides customers with data, analytics and decision-support services.
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