Top 10 Complaints Against P/C Insurers By Market Examiners

According to a new report, the top two criticisms reported by market conduct regulators against property/casualty insurers are failure to handle claims within specified time frames and using unapproved forms and rates. Wolters Kluwer, a financial services company created a report listing the top 10 criticisms found on U.S. insurance market conduct exams. [twitter.com/PCITplus]

This was the company’s ninth annual report showing that claims handling, licensing and underwriting issues continue to dominate regulators’ complaints against insurers.

Kathy Donovan, Senior Compliance Counsel, Insurance at Wolters Kluwer Financial Services said, “The regulatory landscape is getting more complex as industry requirements, laws and regulations change constantly under the direction of government and industry oversight, making it extremely challenging to embed regulatory requirements into claims, underwriting and distribution processes. Strong regulatory change management processes and frequent self-audits are extremely effective in helping stay on top of these changes.”