The conservative nature of the vast majority of insurance companies in this country makes regulatory compliance a very straightforward issue for them. The fiduciary responsibilities of executives and officers, as well as the myriad of rules and regulations under which carriers operate, do not make compliance an optional event.Meeting deadlines for filings with state governments, the federal government and industry associations are well known driving forces within the business operations and information technology areas of insurance companies. To be clear, regulatory compliance is much akin to breathing for insurance companies.
Recent events, however, have thrust this otherwise veiled and uninteresting aspect of insurance into the light of public awareness and drawn the attention of software vendors as well. The complexity and depth of some of the more prominent new regulations have caused otherwise staid compliance areas to consider how to optimize their activities.
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