Poducer life insurance
Policyholder service activities – All activities related to fulfilling contractual obligations and servicing policyholders and/or claimants of the insurer.This includes, but is not limited to, solicitation and sale of an insurer’s products to a prospective applicant/policyholder, initial rate setting, advertising, underwriting, producer licensing and producer compensation. Marketing and sales activities – All activities related to the selling of the insurer’s products.Market conduct – All activities of the insurer relating to underwriting and rating, policyholder service, claims, marketing and sales, producer licensing, insurer operations/management and complaint handling.DEFINITIONSįor purposes of completing this market conduct profile, the following words or phrases are defined as follows: The review of this information will also aid the Department in determining what market conduct actions, if any, may be initiated as a result of the analysis of the information provided and could lead to less intrusive and shorter on site examinations of the insurer. Along with information that is currently available from various other sources, the review of this information will allow the Department to develop a baseline understanding of the marketplace, identify patterns or practices of insurers that deviate significantly from the norm, and help the Department identify, assess and prioritize market conduct problems that may have an adverse impact on consumers, policyholders and claimants. This document also gives the insurer an opportunity to present any relevant information concerning its’ best insurance practices and procedures that would be helpful to the Department in the performance of its statutory obligations.
The purpose of this document is to gather current relevant information about an insurer’s products, marketing, sales, distribution, policyholder service, claims, compliance and corporate governance to provide the Department with a centralized source containing market conduct information that will enable it to enhance its understanding of the insurer's market conduct activities and to perform its statutory obligations to protect insurance consumers.