The INS Companies' goal is to better utilize the data and information already available to a state in understanding the marketplace behavior of insurers. Our market analysis allows a state to identify companies that may require further review.
Beyond Market Analysis and Examinations
Let’s face it, market regulation is challenging. Sometimes state regulators are asked to conduct specialty projects for one insurance carrier or an entire marketplace. Regulators may discover a company problem identified in another state and are required to verify compliance to protect their consumers. In these types of situations, it is good to know other regulatory options do exist and The INS Companies has the resources to help.
Our well-versed teams are experts in assisting states in determining which option works for each situation. The continuum of regulatory responses is simply a way to acquire more information in order to determine whether further action such as a market conduct examination is warranted. Some of the most commonly used options include: investigations, surveys, desk audits, interrogatories, and other discovery mechanisms.
Emerging issues are not always identifiable and/or quantifiable. There are a number of new issues developing that directly impact the market regulation and consumer protections. Examples of these issues include: insurers expanding the use of credit reporting or artificial intelligence for homeowners/private passenger automobile underwriting, genetic testing, accelerated underwriting, and creative product development in life insurance and annuities, compliance with the Affordable Care Act and mental health parity. Hence, The INS Companies offer expertise not only with the development and collection of new data in the market analysis process, but also in the development of analytical techniques that best utilize the data.
The INS Companies provide assistance with any of the options within the continuum of market actions including, but not limited to: targeted information gathering, marketplace studies, investigations, interrogatories, interviews with key company personnel, policy reviews, self-audits and analysis of self-review procedures, and the evaluation of voluntary compliance documentation. The INS Companies can assist with training and guidance in execution of all our market analysis service offerings.