ISO ClaimSearch, a claim information system for the property/casualty insurance industry, has been updated to include a regulatory compliance functionality that will allow insurers and others to comply with new reporting requirements for total loss and salvage information.
As of March 31, 2009, insurers, salvage companies, junkyards, recyclers, and shredders were required to report total loss and salvage information to the National Motor Vehicle Title Information Service (NMVTIS). Since ClaimSearch has been designated an authorized data consolidator by NMVTIS, it will allow insurers and others to easily comply with the requirement.
ISO said it will include the NMVTIS reporting as part of its regular service for insurer participants in the auto segment of ISO ClaimSearch at no additional charge. Noninsurer companies can also report — for a fee. According to the company, reporting in this manner will enable insurers to save on programming costs or the costs of using an outside vendor; streamline workflow because many companies already report data to ISO; and assure themselves full compliance with the NMVTIS regulations.
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. NMVTIS provides authorized recipients with instant and reliable access to motor vehicle titling information maintained by the states. It is operated by the U.S. Department of Justice.
Interested in more technology tools/software news and in-depth articles? Head over to Claims' technology tools/software channel for more information.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
