Poor market conduct exams can result in a number of unhappy consequences for your company. In addition to whatever monetary penalties your company may face (which can be punishment enough), poor exams may also lead to:
- increased scrutiny by regulators including corrective action plans, regulatory monitoring, more frequent follow-up exams, and exams by more states;
- further administrative action including possible suspension or revocation of your company’s certificate of authority;
- targeting by law firms that specialize in class action and bad faith suits against insurers; and
- a corrosive effect upon the company’s overall brand and business reputation.
Better market conduct exam results require a proactive approach. The Lawson Firm offers a number of services to help companies ensure that their business practices are up-to-date and inline with current regulatory requirements. These include:
- updating company research, compliance matrices, and compliance procedures;
- creating custom compliance matrices and procedures;
- point-of-sale reviews to ensure that the company is using all of the new business disclosures and signature forms currently required by a state for each business line;
- customized audit plans to enable the company to conduct its own compliance audits;
- targeted compliance audits conducted by The Lawson Firm (remote or on-site);
- compliance training to help ensure adherence to compliance procedures; and
- representation for actual market conduct exams.