Claims issues continue to dominate the focus of auditors reviewing insurers’ market conduct compliance, according to a new report issued today. Wolters Kluwer Financial Services, a provider of compliance, content, and technology solutions and services, released its fifth annual list of the top 10 reasons insurance companies are found to be out of compliance during market conduct examinations. The list, which separates property/casualty from life and health insurers, was compiled by the company’s Insurance Compliance Solutions group.
“Claims issues, such as timely claim handling and proper documentation of claims files, have clearly dominated the areas criticized each year,” said Kathy Donovan, senior compliance counsel at Wolters Kluwer Financial Services. “This pattern should serve as a wake-up call to insurers, who continue to receive fines and other sanctions for these noncompliance violations.”
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