Today, Wolters Kluwer Financial Services unveiled its annual top 10 lists of criticisms found on U.S. insurance market conduct exams, which can serve as checklists for insurers to help minimize compliance risk exposure.
Claims processing remained the top compliance issue for P&C insurers, followed by rating factors and the cancelation of policies. In terms of life and health insurers, problems with claims processing stole the top spot away from compliant policy forms, which was reported last year as the biggest compliance issue. Failure to pay claims properly in accordance with policy provisions was only fifth on that list for life and health insurers.
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