By Denise Tessier, Senior Regulatory Specialist
The masterpiece of any insurer’s compliance program is its written claim manual. Claim manuals instruct adjusters on day-to-day operations, serve as training guides for new staff, inspire consistent, best practice standards for customer relations, and help minimize risk of financial loss. Of greatest benefit, claim manuls help ensure a company’s compliance with applicable state laws and mitigate regulatory risk. However, while claim manuals are extremely valuable, drafting claim procedures is one of the most daunting tasks for any insurer, particularly those operating in multiple states, writing multiple lines of business. Read the full whitepaper.
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Previous Posts
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Jun 20, 2011
No CommentsPortable Electronics Coverage: Better Than A Bowl of Rice
At the close of a recent “girls’ night out,” a friend of mine made the horrifying discovery that her prized new smart phone had slipped from her purse into the ladies’ room toilet. What to do?!! While some of us would have sadly walked away, Jen retrieved it, took it home, and did something involving...
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Jun 15, 2011
No CommentsSurplus Lines 2011 ― A Time for Change
Surplus lines insurers (often referred to as nonadmitted insurers) play an important role in providing coverage for risks otherwise unable to obtain needed protection in the admitted market. Depending on the characteristics of and/or claims history of a prospective insured, an underwriter may decline some risks, even if they ordinarily specialize in a particular market....
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Jun 10, 2011
No CommentsLife Insurance- “Examining” the Exams
Life insurance market conduct exams, when looking in on just one state’s activity, often echo many of the frequently observed compliance challenges including underwriting, claims, policy replacement and producer issues, generally seen on a perennial basis across multiple states. Performing an “examination” of recent Maryland market regulation actions can provide us insight into many of...
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Jun 09, 2011
No CommentsHealth Care Reform – Where Do We Stand?
As I noted back in late September, the busy work of implementing provisions of the health care reform act signed into law in March 2010 was going full steam ahead out at the state level, albeit simultaneously with efforts on the legislative, judicial, and even grassroots fronts to oppose some or all of PPACA. Since...
