Market Conduct Examination Tools
The market conduct examination process for insurance companies is a complex, time consuming and costly process. With limited resources available to non-revenue producing functions, companies are continually seeking ways to conduct their business in a cost-effective manner that is free from examination criticisms.
A common practice to this delicate balance is to conduct a risk-based approach to one’s business. Under a risk-based model, companies identify the business practices that are of significant regulatory interest or that have resulted in significant regulatory fines and ensure that those areas of increased risk are compliant. Access to market conduct exam criticisms is a critical link for companies to identify those compliance risks, which are typically regulatory hotspots.
Access Market Conduct Exam Criticisms
Citations are linked with past state market conduct criticisms relating to the requirements contained in the cite. The red alert icon next to citation references quickly alerts users to requirements criticized by state examiners in one or all jurisdictions. Summaries and exam
dates allow users to review and identify regulatory hot spots by jurisdiction, regulation or compliance topic.
Perform Self-Audits
Performing internal audits is one of the common applications of our Market Conduct Compliance tools. Quickly identify compliance requirements that are in effect on specific regulatory issues, and prioritize internal audit efforts to address the key areas or “hot topics” within each jurisdiction.
Effectively Manage Market Conduct Examinations
An indispensable tool in preparing for an exam - identify key areas of regulatory concern for a particular jurisdiction, understand how regulators have treated an issue in other examinations and prepare responses to exam findings.
Product Development
Easily review state requirements for a specific line of business and identify regulatory activity. The linking of statutes, regulations and bulletins by category and terms provides a unique research advantage and improves research efficiency.
Compliance Accountability
Many companies are attempting to relieve legal and/or compliance departments from the burden of answering routine questions that surface on a daily basis. The challenge is in equipping personnel with a resource that does not require a law degree to use. Linking of legal requirements to subject categories and terms dramatically simplifies the process of researching answers to routine questions, and access to market conduct criticisms allow for an enhanced level of understanding.
Availability
Life & Health
Available by subscription, the Market Conduct Exam Module for Life and Health Insurers is an add-on feature of NILS INsource®. For more information about this module, a demonstration or to add this module to your existing NILS INsource subscription, contact your account manager or call 800.481.1522.
Ready to take a closer Look? Request more information.
Property & Casualty and Workers' Compensation
Available by subscription, ComplianceWare® is a web-based market conduct compliance research tool. For more information about ComplianceWare, a demonstration or to purchase a subscription, contact your account manager or call 800.481.1522.
Ready to take a closer look?
Request more information today.
