| Regulatory Compliance |
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Maintain Compliance with CoreLogic's Regulatory Compliance Databases
Businesses are constantly faced with fast-changing regulatory and corporate governance demands. CoreLogic's Regulatory Compliance databases deliver the current and accurate information companies need to meet requirements driven by legislation such as the Sarbanes-Oxley Act. Use the Regulatory Compliance database within CoreLogic's integrated insurance solution, CATUM, to accurately locate insured properties within high-risk windpool areas, and assign premium tax jurisdictions. Rating Territories Defining territories is a complex task, with inaccurate assignments resulting in over- or under- collecting premium, leading to compliance errors. In an effort to assist insurers in meeting compliance requirements, CoreLogic's digitization services convert paper descriptions of rating territories into digital or computing mapping boundaries. By digitizing rating territories, insurance companies can better segment books of business and improve the overall accuracy of territory assignments, thereby increasing profitability.
Premium Tax Accurately identifying and assigning the proper tax jurisdiction for premium tax is a major problem for Property and Casualty insurers. ZIP Code based look-up tables are inadequate for assigning premium tax in states mandating non-statewide tax jurisdictions. For states such as Florida, Illinois and North Carolina, premium tax is based on fire and/or police districts. Created using high precision geocoding technology, CoreLogic's Premium Tax database defines tax territories and the corresponding mandated reporting codes, allowing insurers to identify and remit the correct premium taxes for policy addresses. CoreLogic offers all states with non-statewide premium tax.
Premium Tax States Supported
Windpool CoreLogic's Windpool database identifies the geographical boundaries of high-risk areas susceptible to wind and hail damage, including the hurricane-prone states Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina and Texas. These states have mandated "shared-risk" market areas for insurance coverage. Using parcel boundary data where available, the Windpool database offers the most accurate representation of windpool area definitions.Update ScheduleCoreLogic owns and maintains its tax databases providing customers up-to-date information. CoreLogic's premium tax product has be validated by the State of Kentucky. Integrated into CoreLogic's insurance solution CATUM, the Regulatory Compliance database enables customers to accurately locate and assess insured properties in high-risk windpool areas, and assign premium tax jurisdictions.
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| Last Updated on Monday, 30 August 2010 13:03 |
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