Reports Show Compliance Issues Challenge The Insurance Industry

The U.S. insurance industry’s top compliance shortcomings relate to claims handling noncompliance, including timeliness, required disclosures, payments and grievance and appeal processes—as well as underwriting, rating and insurance producer and sales issues.

That’s according to a comprehensive review by Wolters Kluwer Compliance Solutions of U.S. insurers’ market conduct actions.

The annual review uses public data from 2020 and examines U.S. property and casualty, life, and health insurers’ market conduct actions, including exams and other enforcement actions.

Now in its 17th year, the Top 10 market conduct actions review continues to assist insurers by demonstrating not only the continuity of challenges, but also providing a compliance checklist of operational areas within their own companies that may warrant additional audits to check for adherence to regulatory requirements.