New audit report gives you the insight you need to identify and address this frequently criticized compliance problem.
State market conduct examination results show that failing to provide insureds with sufficient advance notification of adverse actions is one of the most frequently criticized issues year after year. Wolters Kluwer Financial Services Cancellation and Nonrenewal Audit Report can help you overcome this high-risk area of compliance management.
Add the new Audit report upgrade to your AuthenticWeb for Cancellation & Nonrenewal subscription to:
- Protect against future claims exposure: Inadequate day's notice is a defect that will cause a notice to be invalidated by insurance regulators. That can lead to claims being paid on policies believed to be no longer in effect. The Audit report gives you the information you need that may allow for the correction of defective notices, thereby protecting from future claims exposure.
- Reduce Non-Compliance Risks: Improper policy termination is the second most frequently cited type of violation in market conduct examinations in the past year. Inadequate day's notice is one of the leading reasons underlying these criticisms. Improving performance in this area will reduce penalties, corrective action measures, and re-examination activities and costs.
- Improve Insight for Internal Audit Staff: Do you conduct internal compliance audits that evaluate the accuracy and degree of compliance for issuing adverse action notices within the correct time frame? This Report will save your internal audit staff significant time and resources and give them the insight they need to identify risks.