Regulatory experts at Wolters Kluwer Financial Services analyzed 2012 state market conduct exams and reported that P&C insurers' failure to handle claims within specified time frames and their use of unapproved forms and rates were the two biggest criticisms.

The Waltham, Mass.-based compliance and risk management services provider used report findings to determine the 10 most common compliance criticisms for P&C insurers in hopes that the list will be an easy reference to assist insurers who are seeking to minimize their compliance risk exposure.

1. Failure to acknowledge, pay or deny claims within specified time frames

2. Using unapproved/unfiled forms and rates

3. Failure to provide required compliant disclosures in claims processing

4. Improper documentation of underwriting files

5. Failure to maintain claims documentation

6. Failure to process/pay total loss claims properly

7. Failure to provide required compliant disclosures in underwriting processing

8. Failure to adhere to producer appointment, termination and/or licensing requirements and adjuster licensing requirements

9. Failure to issue compliant adverse action underwriting notices

10. Failure to apply rates, rules and guidelines correctly.