JERSEY CITY, N.J., August 11, 2009 – ISO announced the launch of a new service to help automobile recyclers, dismantlers, shredders, and junk yards meet the new U.S. Department of Justice requirement to report salvage vehicles to the National Motor Vehicle Title Information System (NMVTIS).
The National Motor Vehicle Title Information System was established by the Anti-Car Theft Act of 1992 to assist in efforts to prevent the introduction or reintroduction of stolen and salvaged motor vehicles into interstate commerce. NMVTIS is intended to provide authorized recipients with instant and reliable access to motor vehicle titling information maintained by the states.
In January 2009, the Department of Justice issued a final rule implementing requirements for reporting information on salvage vehicles to NMVTIS. Under the rule, recyclers, dismantlers, shredders, and junk yards must report the intake, as well as the disposition, of salvage vehicles to NMVTIS.
ISO has been designated as an authorized data consolidator by the American Association of Motor Vehicle Administrators, the operator of NMVTIS. Insurers, salvage companies, recyclers, and junk yards can comply with the NMVTIS requirements by reporting the required data to ISO�s insurance claims database service, ISO ClaimSearch�. ISO ClaimSearch will report to NMVTIS on their behalf as required.
ISO ClaimSearch is a claims database that represents most automobile insurers and is used by insurance industry personnel, law enforcement, and other parties involved in the investigation of vehicle-related crimes and insurance claims fraud.
To respond to the specific needs of recyclers, shredders, dismantlers, and junk yards, ISO ClaimSearch offers several convenient and cost-effective reporting options. In conjunction with the National Salvage Vehicle Reporting Program (NSVRP), ISO is also working with several automotive recycling software vendors to support the NMVTIS reporting capability for the recycler and shredder community.
Reporting to NMVTIS through ISO ClaimSearch can also meet the reporting obligations of the Consumer Assistance to Recycle and Save Act of 2009 (the CARS Act). The Department of Transportation published regulations on July 24, 2009, that require entities receiving motor vehicles traded-in under the CARS program (known as Cash for Clunkers) to report certain information about those vehicles to NMVTIS. The reporting obligations pursuant to the CARS regulations are separate from those contained in the NMVTIS regulations.
Companies interested in finding out more about the NMVTIS reporting requirements and the ISO ClaimSearch NMVTIS Compliance Reporting Service can find information at www.iso.com/NMVTIS.
About ISO ClaimSearch
ISO ClaimSearch serves hundreds of participants, supporting their claims-adjudication and fraud-detection activities. Participants include insurers representing 93 percent of the property/casualty insurance industry; hundreds of public and private self-insureds, including municipalities, government agencies, and Fortune 500 companies; 26 state workers compensation insurance funds; 480 third-party administrators (TPAs); several state fraud bureaus; and many law enforcement agencies involved in investigation and prosecution of insurance fraud. The system also provides a range of compliance support functions to assist participants in meeting mandatory and voluntary reporting requirements in many jurisdictions.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. http://www.iso.com/.