Audit finds documentation gaps, inconsistent settlements at Insurance Reserve Fund
A market conduct examination presented to the Legislative Audit Committee identified missing claim documentation, inadequate denial justifications, inconsistent treatment of first- and third-party claimants, and lower settlement offers to third parties; the Insurance Reserve Fund CEO cited claimant burden and efficiency as explanations.
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John Arnold, deputy commissioner with the North Dakota Insurance Department, presented a market conduct examination of the North Dakota Insurance Reserve Fund (NDIRF) at the Dec. 3 Legislative Audit and Fiscal Review Committee meeting in Bismarck.
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