Wolters says that, with 2012 on track to be another high-volume year from a regulatory and legislative perspective, managing regulatory change has never been more critical to the insurance industry. Through October 2011, more than 11,000 bills affecting insurers were introduced into state legislatures and Congress.
Additionally, Wolters says more than 19,900 statutes, regulations and bulletins were newly created, revised or issued during that timeframe. As a result, the challenges of managing both the volume of activity and the required process implementation changes can be daunting for insurers.
NILS INsource is an insurance regulatory content solution used by more than 10,000 insurance professionals for statutory and regulatory research and analysis on all 50 states, the U.S. federal government, the District of Columbia, the Virgin Islands and Puerto Rico, according to Wolters. It integrates with NILS INcompass, a workflow tool designed to help compliance and legal professionals monitor and implement ongoing regulatory changes within their insurance organizations. The solution also enables insurers to keep track of their progress in applying new industry laws and regulations.
