What does market conduct regulation primarily review?

Market conduct regulation primarily focuses on the behaviors and practices of insurance companies in their interactions with consumers, ensuring that they comply with laws and ethical standards. This includes a thorough review of claim processing procedures to ensure that claims are handled fairly, efficiently, and in accordance with legal requirements. Ensuring compliance with laws protects consumers from unfair practices and establishes a level of trust between insurers and policyholders.

While financial statements, product pricing, marketing strategies, and consumer satisfaction are important aspects of the insurance industry, they fall under different regulatory frameworks. Financial statements are typically reviewed under financial regulation, pricing and marketing may be assessed for their competitiveness and fairness, and consumer satisfaction surveys are useful for understanding market performance but do not directly address the regulatory scrutiny intended by market conduct standards. Therefore, the primary focus of market conduct regulation is ensuring that companies comply with laws specifically related to their business practices, particularly in how they process claims and interact with consumers.