Who What and How
The state will charge _______ for services, typically at a rate that corresponds to what a typical contractor would charge for the same category of service.
What is "the insurer".
Regulatory compliance violations are ________to an insurance company.
What is "damaging".
The volume and trends of these are by far the largest contributor to a market inquiry.
What are "complaints".
The phase when a call letter is issued to the Insurer notifying them of their selection.
What is "Notice Issued".
These are monetary penalties for violations and restitution owed to consumers with interest.
What are "Fines and Restitution".
Starting as a Market Survey, and then a Market Action, regulator interaction can develop into this?
What is a "Market Conduct Exam".
Interest from __________ may also be impacted by negative exam results.
Who is "potential investors".
Failure to disclose, or incomplete disclosure of ______ available.
What is "coverage".
During this phase, the examiners and the insurers discuss the major findings and remaining steps
What is "Exit Conference".
After the exam, the state will provide this list of corrective action items.
What are "Stipulations".
The CT DOI determined Lemonade Insurance Company had unlicensed individuals undertaking activities requiring licensure, as well as ______ and delays.
What is "claim errors".
Violations can generate terrible press that creates lasting _________ and can devalue investor interest.
What is "reputational harm".
Communications or payments not handled within timeframes regulated by a state.
What are "Delays in Handling".
The phase where appointed examiners review the areas selected and correspond with the insurer and allow the insurer the opportunity to explain their position.
What is "Review Period".
Typically the DOI will prescribe time dependent dates for follow up and implementation of ___________.
What is "corrective action".
Over 5 year span, enforcement actions by the MO DIFP resulted in $___ million in penalties
What is "$20 Million".
Violations can result in fines, cease & desist actions, license suspensions, or a loss of a company’s __________.
What is a "Certificate of authority".
States require these to be sent, or sent within a regulatory timeline.
What are "required forms".
The phase where expectations and logistics are discussed between DOI and the Insurer.
What is "Conference Held".
This will be published results of the exam and stipulations that have been agreed upon.
What is a "Final Report".
This is when “ Examiners” review company practices, records, and procedures for compliance with the law.
What is a "Market Conduct Exam"
Regulators in other states ________ about the company may also be impacted.
What is "perspective".
States may require adjusters to complete continuing education to maintain this.
What is "licensing".
The phase when the examiners and the insurers discuss the major findings and remaining steps.
What is an "Exit Conference".
The Stipulations provides an insurer actions that they should begin doing, cease doing, or _____ the process of doing.
What is "modify".