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CCH INSURANCE SERVICES Announces Exclusive Market Conduct Exam Module for Life Insurers
Now, Insurers Can Audit Business Practices, Plan and Respond
To Market Conduct Exam Activity, While Better Managing Risk
(Acton, MA., January 12, 2004) – CCH INSURANCE SERVICES, the nation’s leading
provider of information solutions for insurance compliance announced today that
Life Insurance Market Conduct Exam information is now available on the NILS
INSource compliance research platform via a new module: Market Conduct
Exam Module for Life.
"The industry is moving towards a more efficient regulatory risk assessment
framework, and the Market Conduct Exam is increasingly becoming more targeted,
with stiffer fines and penalties," said Product Manager Kathy Donovan,
J.D. "But that's only part of the story. Firms not only have to deal with
administrative issues, fines and proceedings in connection with Exams, but many
have also been exposed to: negative publicity, class action litigation, loss
of market share or competitive advantage and a decrease in overall business
"When you add in the time and effort of your staff, pre- and post-exam,
the overall costs of an exam can be staggering - even if the final report is
problem-free. The information in this module is essential for conducting more
effective compliance risk management," Donovan said.
To help overcome these challenges, CCH INSURANCE SERVICES, the publisher of
NILS INSource and ComplianceWare, has developed another unique compliance tool.
The Market Conduct Exam Module for Life is the industry’s only market
conduct focused research tool that is now part of the NILS INSource product.
This new component will help users identify the exam hot spots and better prepare
your organization for the next exam.
The information in Market Conduct Exam Module for Life, as in NILS INSource,
has been read, analyzed and categorized so that users can quickly and easily
determine what the Examiners have focused on during the past 2 years and the
severity of violations. As a NILS INSource subscriber, you can easily toggle
between Examination criticisms and the full citation text, to better understand
the context of the violation.
With this information, you are well prepared to test your own policies and
procedures before the examiners arrive. What's more, subscribers to the Property
and Casualty modules find that it is an excellent tool for internal auditors
to perform self-testing or mock exam exercises.
For Additional Information
For more information or to request pricing information or a demonstration,
please visit the CCH INSURANCE SERVICES web site at www.insurance.cch.com,
email NILSINSource@CCH.com or call
About CCH INSURANCE SERVICES
CCH INSURANCE SERVICES is the insurance industry’s leading provider of compliance
tools, research, analysis and forms. CCH INSURANCE SERVICES was formed by the
April 2003 merger of Uniform Information Services, Inc. and NILS Publishing.
Together, Uniform and NILS bring more than 140 years of compliance related expertise
to the insurance industry.
To learn more about CCH INSURANCE SERVICES, visit www.insurance.cch.com
or call 800-481-1522. CCH INSURANCE SERVICES, CT Insurance Services, Bankers
Systems, Incorporated, CCH financial research products, CCH Wall Street and
CCH GainsKeeper comprise the Wolters Kluwer Financial Services unit.
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