Insurance companies are quite accustomed to living with regulations. With each state promulgating its own requirements, carriers consider investments of time and resources for state filing and reporting as a fundamental cost of doing business.But several federal laws enacted over the last few years are ratcheting up the costs and complexity of regulatory compliance for the insurance industry, which is forcing carriers to consider a broader role for technology in their compliance programs.
This is a conclusion drawn in a report released by The TowerGroup Inc., a Needham, Mass.-based research and advisory firm. "The complexity and depth of some of the more prominent new regulations have caused otherwise staid compliance areas within insurance companies to take a hard look at how to optimize compliance-related activities," says Jamie Bisker, research director and author of the report, titled "Recent Regulations Affecting The Insurance Industry."
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