MARYLAND INSURANCE ADMINISTRATION
JUNE 24, 2004
Generally, market conduct examinations cover a broad spectrum of an insurer’s operations. However, because the examiners are focused on specific aspects of the Company’s business activity the approach has been targeted to include:
The sales and marketing materials of the local office.
The new applications files of the local office.
Desk audits of selected agents at the local office.
The local office complaint registry.
Review Company internal audit report.
Review of agent licensing files.
Dividend withdrawal and loan request.
Request for cash surrenders.
Review Company replacement register.
Review of the Company complaint register.
Review lst 100 applications (files) submitted by targeted agents for 3 years.
Review the file of each selected complaint.
Review the file for each selected misrepresentation.
Review the Company system for monitoring complaints.
Review responses from agents, and investigators relative to submitted complaints.
Compare local complaint registers with home office registers.
Review Company procedures for reversing policies and premiums.
Review Company procedures for disciplining agent offenders.
Review agents licensing files.
MET LIFE REPORT NO. 786-01