The 2015 Sections:
- Regulator Insights
- Professional Growth
- Industry Best Practices
- Real-time Insights—Panel discussions
- Vendor Voice
- The Big Reveal
This illustrious panel featured three attorneys and, as a result, started with a disclaimer (panelists’ views are not necessarily the views held by their organization). The panelists: Megan Curoe, Resolution Life; Michelle Meschke, Travelers Companies, Inc.; Rebecca Vasquez, RegEd, were moderated by Joan Olson, Swiss Re Life who started the discussion with…
Why is it so important to have a complaint file? And the response—remember the attorneys—was clear and simple: Keeping a complaint file is the law and is considered to be a fraudulent act if not kept. However, the panelists pointed out that actual complaint requirements vary by state and all organizations should know what the requirements are and where to find them. In addition, they noted that sometimes the law is silent on particular areas. Panelists encouraged companies to know what department of insurance guidance is by state.
Model samples
Companies were encouraged to establish standards for complaint files and cited the NAIC as a significant resource to help companies set up the ideal complaint file and remain compliant. Currently, about 20 states have actually adopted or adapted the NAIC model—other states have used the NAIC model, but have altered more extensively. NAIC has standardized complaint data and has issued a Market Regulation Handbook with examination standards.
Complaint responses
Panelists discussed the importance of having access to closing letters from regulators. The regulators present stated they are willing to share closing letters but cautioned the closing letter is final—not an invitation for dispute. That caution was acknowledged by many stating their employer organization simply wanted to know the final disposition. Regulators suggested a quick email asking for the final disposition if it has not been received.
Things to remember (nuggets from the panel)
Remember, complaints are the last stop before litigation
Participants were encouraged to remember a plaintiff’s lawyer wants to make the corporation look bad and to remember corporate behaviors or comments, when viewed by an outsider can contribute to that negative take.
Here’s what companies can do to positively position the story:
Litigation—here we go
No one looks forward to being deposed but a deposition can be a valuable learning tool. If you are deposed as an insurance industry professional, consider:
Complaints are an early warning system—a gift
Complaints are not fun but smart companies trend information or perform root-cause analyses of complaints to help identify issues for products or agents. These companies pay attention and work to resolve systemic issues. Get ahead of issues and what DOIs may know about complaints about your organization—proactive resolution may be viewed favorably.
Click here to view Complaint Files – Do’s and Don’ts