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:
- 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
- damage to 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:
- creating custom compliance matrices and compliance procedures or updating existing compliance research, matrices, and procedures;
- customized audit plans to enable the company to conduct its own pre-exam compliance audits;
- targeted compliance audits conducted by The Lawson Firm (remote or on-site);
- point-of-sale reviews to ensure that the company is using all of the new business disclosures and signature forms currently required by each state for each line of business;
- compliance training to help ensure adherence to compliance procedures; and
- representation for actual market conduct exams.
Please contact us to let us know how we can help your company ace its next market conduct exam!