Market conduct exams and investigations performed by the respective state insurance departments can be immensely valuable to p&c insurers, on many levels. For one, they provide performance clues and help measure the extent to which carriers are compliant with the dizzying array of modified and emerging laws and regulations. Although activity and oversight tend to vary among states, there are many commonalities.
Moreoever, they seem to share many of the same compliance criticisms pertaining to key areas of the insurance business. When the experts at Wolters Kluwer sifted the latest wave of market conduct exam data, they found that regulators across the U.S. perceived deficits in claims handling, underwriting practices, and other areas.
Surely this comes as little surprise to insurers, who face a somewhat uphill battle in effectively incorporating evolving regulatory requirements into evolving business processes. So what's an insurer to do in the face of such challenges? We consulted Kathy Donovan, senior compliance counsel of insurance at Wolters Kluwer Financial Services, to learn more about the recent exam results and how insurers can successfully navigate a regulatory landscape that is in constant flux. Here is what she had to say:
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