Poor market conduct exams can result in a number of unhappy consequences for your company. In addition to whatever fines or other monetary penalties your company may face (which can be punishment enough), poor exams may also lead to one or more of the following:
- Increased scrutiny by regulators, including corrective action plans, regulatory monitoring, more frequent follow-up exams, and exams by additional states.
- Further administrative action, including possible suspension or revocation of your company’s certificate of authority.
- Difficulty gaining admission into new states and territories.
- Targeting by law firms that specialize in consumer class action suits against insurers.
- Damage to the company’s overall brand and reputation in the market.
- Failure to qualify for leniency under federal sentencing guidelines.
Better market conduct exam results require a proactive approach.
Due to the increased breadth and complexity of insurance regulations, as well as the rate of regulatory change from year to year, companies can no longer afford to be passive and complacent in their efforts to comply. Rather, companies must treat compliance as a critical process to be managed proactively and on an ongoing basis.
The Lawson Firm offers a number of services to help companies ensure that they stay up-to-date and in compliance with current regulatory requirements. These include:
- Helping your company identify and avoid common market conduct exam issues.
- Updating your company’s compliance research, matrices, and procedures.
- Conducting targeted risk assessments and compliance audits (remote service only).
- Creating customized audit plans to enable the company to conduct its own compliance audits on an ongoing basis.
- Customized compliance training to help ensure adherence to compliance procedures.
- Representation for actual market conduct exams.
Please contact Scott Lawson email@example.com to discuss how your company can ace its next market conduct exam!
Related Services: Customized Compliance Training and Education