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In-depth exploration: How do regulators use the data?
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Sandy Anderson (NY DOI) was the first regulator to share how New York utilizes complaint data. |
In an unexpected, yet welcome, turn at the Roundtable, regulators were asked to share specifics about how complaint data is processed and what behaviors or information trigger more aggressive reviews. The extemporaneous and focused insights at an insurers’ meeting were briefly captured. Take a look:
New York
- All electronic
- More than 50 standard reports generated
- Annual report generated
- Reconciliation opportunity available
- Closed-case reports sent to NAIC
- Ad hoc reporting available, if standardized reports not appropriate
- Report is posted on internet for business units
- Information is available to companies, if requested
- New York triggers:
- Lack of response, poor or slow communications
Maryland
- A number of items may trigger a targeted Market conduct exam including a rise in number of complaints of a particular type or involving a particular issue; carriers improperly or not implementing new laws; problems in other states
- Provide consumers with rate comparison guides for companies with largest market share for both auto and homeowner policies
- All written complaints that MD has jurisdiction over are investigated
North Carolina
- Consumer Services Division believes that each Complaint Analyst is positioned to analyze and investigate not only individual complaints, but also company/industry complaint patterns/trends.
- Each analyst has access to a variety of real-time queries that can be run on specific companies, company groups, lines of business, etc. Analysts are encouraged and expected to communicate with each other and with management regarding significant findings and concerns.
- Consumer Services Division regularly communicates and meets with other Divisions, including Market Regulation, Agent Services, and Financial Evaluation.
Missouri (the show me state)
- Sends NAIC nightly reporting
- Request companies meet with them if an issue or trend is spotted
- Will send subpoenas for non-responses from companies
- Missouri triggers to forward items to market conduct division for review include:
- Policy filing issues and forms review issues
- High volume of unsatisfactory or delayed settlements
- Company saying “system error”
Connecticut
- Change is constant, new legislation generates new reports
- Trend analysis zeros in on new legislation needed, but they do seek input from industry and others
- Has proactive outreach for reconciliation
Illinois
- Electronic as of five years ago
- No staff is currently replaced
- Most important analysis is done internally
- P &C has a “rapid response” policy: Insurers know that a consumer issue will not be considered as a complaint if it meets certain criteria and is resolved within a specific time frame. However it is tracked so the privilege isn’t abused.
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