The Oregon Insurance Division is recognizing the Insurance Marketplace Standards Association as a group that can help to establish “best practices” and promote consumer protection in the state.
In a recent bulletin, Insurance Administrator Joel Ario noted the Division “wishes to promote the highest standards in connection with market regulation, including market analysis, market conduct examinations, and other forms of market oversight.” As a result, the state’s market regulation analysts will inquire whether companies are IMSA members and see whether company documentation demonstrates compliance with the group. Analysts may also make use of the IMSA documentation in areas such as consumer complaint handling, as well as use the “documentation used for compliance with IMSA in determining the frequency and scope of reviews, including desk audits, examinations, and other areas of review,” the Division indicated.
Although the Division specifically mentioned IMSA membership, it said it encourages insurance companies in all lines of insurance to consider participation in “best practice” organizations, and is prepared to give careful consideration to all documented forms of self-analysis as part of its market regulation program.
To view the bulletin, visit www.cbs.state.or.us/external/ins/bulletins/bulletin2006-06.html.
Topics Legislation Oregon
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